SPY Daily Outlook

The index continues to trade inside a well-defined rising channel. After setting a new ATH at point B, price retraced into a double bottom at C near the 654 support zone — aligning with the 0.328 retracement/last week's low. The rebound from that level keeps the bullish structure intact.

⚡ Key Levels to Watch:

Support: 654 (double bottom / fib confluence)

Resistance: 667–670 (prior high & channel midline)

Upside target: 685-690 (channel top / point D projection)

As long as 654 holds, the path of least resistance favors a move toward 690. A decisive break below 654, however, would signal weakness and open the door to deeper downside.