$SPY Breakdown Accelerates, $620 Test Likely, $600 in Play
$SPDR S&P 500 ETF Trust(SPY)$ is breaking down fast right now.
We topped around $690–$697 and have now lost key supports at $677, $652, and $635 today.
We’re now trading near $631…and there’s not much support below.
The next major level is $620 for me.
That’s the first real zone where buyers should step in.
Below that? $600 becomes the magnet.
Here’s how I see it:
70% chance we test $620
30–40% chance we break under $600
Right now, momentum is bearish.
But the reaction at $620 is everything.
If buyers step in strong → we bounce.
If not → this accelerates fast to $600.
Macro matters here too.
War = uncertainty
Uncertainty = volatility
Volatility = downside pressure
I still believe the market likely finds a bottom in March/April if this conflict resolves quickly.
But if this drags longer…Then $600 won’t hold.
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