SPY Above ATH: Hold $690 or Reprice Fast

Michael Esther
01-08 06:54

$SPDR S&P 500 ETF Trust(SPY)$ just broke structure and now above all time highs.

What does this mean?

The downtrend is gone. Two days of sustained upside.

Here’s what you need to know:

This market isn’t moving on stories. It’s moving on levels and reactions.

Make sure to check my chart for key levels to watch out for (areas to buy at)

Resistance: $692.30 the ceiling everyone is watching

Major support: $690–$691 institutional demand zone

If that fails, the air pocket opens to $688

Now the real risk.

Today’s data isn’t noise:

ADP employment just came in –41K vs +50K expected

JOLTS and ISM at 10am will decide if this rally is trusted or faded

Translation:

If SPY holds above $685 and $680, the market is signaling it’s not afraid of labor weakness.

If it loses those levels, this was distribution not strength.

This is not a “bull vs bear” market.

This is a confirmation market.

Break and hold above $690 → upside continuation.

Lose $680 → fast repricing.

For SG users only, Welcome to open a CBA today and enjoy access to a trading limit of up to SGD 20,000 with unlimited trading on SG, HK, and US stocks, as well as ETFs.

🎉Cash Boost Account Now Supports 35,000+ Stocks & ETFs – Greater Flexibility Now

Find out more here.

Complete your first Cash Boost Account trade with a trade amount of ≥ SGD1000* to get SGD 688 stock vouchers*! The trade can be executed using any payment type available under the Cash Boost Account: Cash, CPF, SRS, or CDP.

Click to access the activity

Other helpful links:

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap
Leave a comment
29