If the market continues its bullish momentum, we could see a retest of the 200-day moving average around $570. This level will act as key resistance, and a breakout above could open the door for new highs. However, if Powell’s tone leans hawkish or the minutes reflect a more cautious stance on rate cuts, we could see 
SPY crack below its current trendline. In that scenario, look for potential support and a bounce around the low $550s—specifically in the $552–$550 zone.
SPY crack below its current trendline. In that scenario, look for potential support and a bounce around the low $550s—specifically in the $552–$550 zone.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.