SPY Held Support, Now Testing Resistance

🔍 SPY Daily Analysis – Week of September 2, 2025

Markets reopened Tuesday after the long weekend with asharp gap lower, but buyers immediately stepped in atdaily support (639.26). That reversal carried through the week, pushing price into new highs before stalling Friday atresistance 649.48(last week’s high).

Friday’s rejection introduced a new short-term pattern:

• 649.48is now the level to beat on the upside

• Price backtested the breakout above646.19into the close

• While the hold wasn’t especially strong, bulls are technically still defending it

Momentum-wise, Friday’s candle has the look of a developingsqueeze setup. With price pressing into resistance and buyers holding new support, another test of 646.19 is likely in the near term.

📌Key Levels to Watch:

• 643.17: As long as SPY holds above this new support, the consolidation remains bullish in character

• 638.59: A breakdown here would flip control to the bears and increase odds of a pullback

• 649.48: A breakout and close above this level clears the path toward the next fib target at653.51

This aligns with the weekly view: volatility and shakeouts are resetting momentum, but thetrend remains constructive as long as support holds.