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SPY Lost Support at the White Trendline

Written By: ChartChamp

June 25, 2024

Yesterday I discussed how SPY formed a bullish rebound off the white trendline. This bullish rebound turned into a rejection with a strong selloff that led to a drop below the white support line around $544. SPY is currently trading around the white trendline, and has been neutral so far today. There is another key support level below at the red trendline around $537. There is also a yellow resistance line around all time highs at $548.22. I would monitor these three levels for trading decisions. For now SPY doesn’t have a clear direction and is at risk of dropping after losing support.

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