Weekly Market Momentum
SPY Presses Higher as Bulls Stay in Control
SPY stayed in full upside expansion last week, pushing toward the 716.3 weekly target as bulls kept control of momentum. The daily bull flag still hasn’t formed yet, and the next key event is the first real pullback into support.
Alternative: SPY Breaks Out to New Highs, Now Watching for the First Bull Flag
SPY broke the daily downtrend, reclaimed the 100SMA, and pushed to new all-time highs last week as momentum fully flipped back in favor of the bulls. Now the focus shifts to the first pullback and whether a new bull flag can form above prior resistance.
SPY Recovery Attempt Begins, But the Bull Flag Still Needs to Form
SPY rebounded sharply last week, invalidated the prior bear flag, and reclaimed the 50SMA and 100SMA. But the daily downtrend is still intact, and a new bull flag has not formed yet. This week’s analysis focuses on the 200SMA, the pullback that may build the next pattern, and the levels bulls must hold.
SPY Bear Flag Still Active as Bulls Test Key Resistance
SPY rebounded from weekly support last week, but the active daily bear flag remains intact. The key level now is 663.09 near the 200SMA, where bulls must reclaim resistance or risk another leg lower back toward 644.72, 636.64, and 629.25.
