SPY Technical Outlook - Will Buyers Step In?AMEX:SPY is experiencing a corrective move after rejecting the upper boundary of the ascending channel. This rejection led to increased selling pressure, bringing price back to the lower boundary of the channel, where buyers may step in to defend the trendline support.
If the price holds at this dynamic support level, a bullish reaction could send AMEX:SPY toward the midline of the channel, with the next target around 607.00. Holding above this level would reinforce the bullish trend structure and increase the probability of continuation toward the upper boundary of the channel.
However, a breakdown below the trendline support would weaken the bullish outlook and open the door for further downside. Monitoring price action, volume, and confirmation signals will be crucial in determining the next move.
