SPY Daily Technical Analysis
S&P 500 Index
SPDR S&P 500 ETF - Tracks the S&P 500 index of the largest U.S. companies and serves as a core benchmark for the U.S. market.
SPY Technical Analysis Summary
SPY is currently undergoing a significant short-term correction within its broader long-term bull market. After failing to sustain levels near 700, the index broke below key near-term moving averages, shifting immediate momentum to the downside. Investors should monitor whether the current bounce can reclaim the 685-690 resistance cluster; failure to do so may lead to a deeper retest of the major 200-day SMA support zone.
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SPY Daily Chart
Sentiment
Short-term Sentiment (days to weeks): Bearish
Price recently broke sharply below both the 20-day and 50-day SMAs. The MACD is in a bearish crossover with a negative histogram, indicating downward momentum despite a recent minor relief bounce.
Long-term Sentiment (weeks to months): Bullish
The macro trend remains intact as price is trading well above an upward-sloping 200-day SMA, maintaining a broader structure of higher highs and higher lows over the past year.
Report Metadata
- Timeframe: daily
- Generated at: 2026-03-09T21:01:20.809Z
- Model: gemini-3.1-pro-preview
Support Price Levels
| Level | Range | Strength | Notes |
|---|---|---|---|
| $660.00 | $655.00 - $665.00 | Strong | Confluence zone consisting of the recent swing low and the rising 200-day SMA. |
| $642.50 | $640.00 - $645.00 | Weak | Previous structural consolidation zone from earlier in the uptrend. |
Resistance Price Levels
| Level | Range | Strength | Notes |
|---|---|---|---|
| $687.50 | $685.00 - $690.00 | Strong | Overhead resistance cluster formed by the broken 20-day and 50-day SMAs. |
| $700.00 | $695.00 - $705.00 | Strong | Recent all-time high supply zone where the price was repeatedly rejected. |
Potential Chart Patterns in Formation
| Strength | Pattern | Signal | Target | Details |
|---|---|---|---|---|
| Strong | Topping Formation / Double Top | Bearish | N/A | Price formed multiple peaks near the 700 level before decisively breaking down below the 50-day SMA, marking a shift in near-term trend structure. |
Frequently Asked Questions about SPY
What is the current sentiment for SPY?
The short-term sentiment for SPY is currently Bearish because Price recently broke sharply below both the 20-day and 50-day SMAs. The MACD is in a bearish crossover with a negative histogram, indicating downward momentum despite a recent minor relief bounce.. The long-term trend is classified as Bullish.
What are the key support levels for SPY?
StockDips.AI has identified key support levels for SPY at $660.00 and $642.50. These levels may represent potential accumulation zones where buying interest could emerge.
Is SPY in a significant dip or a Value Dip right now?
SPY has a Value Score of 34/100. It is not currently flagged as a significant dip in the Top Dips list. It is not listed as a Value Dip because the long-term sentiment or value-score threshold does not qualify.
View the full interactive analysis on StockDips.AI.