As of May 22, 2026, SPY (SPDR S&P 500 ETF) is in a uptrend state on the weekly chart, with a confidence level of 78%. Key support is at $690 and key resistance at $750. Weekly breakout to new highs with strong momentum; price extended above rising EMA50/EMA100 and RSI near overbought.
Continuation push after breakout: brief consolidation/pullback holds above prior breakout zone, then trend resumes (Elliott: late wave 5 extension risk but still trending).
Mean-reversion pullback from stretched conditions: retrace toward the rising EMA50/previous range, then attempt to rebase (Fibonacci: typical 0.382–0.5 retrace of the last upswing).
2+ weekly closes holding above $720
Weekly close below $666 (EMA50 area) followed by a lower low under $630
Buy pullbacks into prior breakout/support ($720->$690) first, add near EMA50/SMA50 confluence (~$668), and deploy heavier near EMA100/SMA100 cluster (~$623) if a deeper fib retrace occurs while the long-term uptrend remains intact.
Trim into extension zones above the breakout high where price is increasingly stretched vs EMA50/EMA100 and RSI is elevated; higher bands assume a wave-5/extension overshoot that historically carries larger snapback risk.
As of May 22, 2026, SPY (SPDR S&P 500 ETF) is in a uptrend state on the weekly chart with 78% confidence. Weekly breakout to new highs with strong momentum; price extended above rising EMA50/EMA100 and RSI near overbought.
On the weekly timeframe, SPY has key support at $690 and key resistance at $750. The most likely scenario (bullish) targets $765 and $800, with a revert level at $720.
SPY (SPDR S&P 500 ETF) is currently classified as uptrend on the weekly chart, with 78% confidence. Confirmation requires: 2+ weekly closes holding above $720 This would be invalidated by: Weekly close below $666 (EMA50 area) followed by a lower low under $630
The most likely scenario (bullish) targets $765 and $800, with a revert level at $720. The alternative scenario (bearish) targets $690 and $650.
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