$SPY indicates a period of cooling off after a sustained bullish rally. After hitting a local peak near the 740.00 resistance level, the price has entered a corrective phase, currently trading at 735.23. The recent bearish candle suggests that sellers are stepping in to take profits, leading to a test of the immediate support zone. If $SPY can find stability around the 732.00 level, it may form a higher low to continue its upward trajectory. A successful bounce from this area would confirm the trend remains intact, while a break below could lead to a deeper retest of the 728.00 region.
Target 1: 739.50
Target 2: 745.00
Target 3: 752.00