SPY Break Above $670 Could Trigger Upside Move
$SPDR S&P 500 ETF Trust(SPY)$ broke this DOWNTREND (bullish if we can stay above it towards $672)
I give my technical analysis at BELOW for you to read.
PCE came in flat, giving the market no clear macro signal. Direction now depends on 5 catalysts:
1. US–Iran war duration conflict extending past 1 month raises energy risk and volatility.
2. AI sector momentum currently peaking while supply chains face disruption from the conflict.
3. Labour market cooling continued downward revisions suggest slowing growth.
4. FOMC (March 18) policy tone will be critical for rate expectations.
5. March inflation risk oil trading above $100/bbl could push CPI higher next month.
Technically, SPY remains in a short-term downtrend and is consolidating near key levels.
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Support: $666–$667
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Major support: $662
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Resistance: $670
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Upside target: $672 if resistance breaks
A break below $666 increases probability of a move toward $662.
Trader Sentiment: Short-term neutral to bearish unless $670 breaks with volume.
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