🔍 SPY Daily Analysis – Week of September 2, 2025

Markets reopened Tuesday after the long weekend with a sharp gap lower, but buyers immediately stepped in at daily support (639.26). That reversal carried through the week, pushing price into new highs before stalling Friday at resistance 649.48 (last week’s high).

Friday’s rejection introduced a new short-term pattern:

• 649.48 is now the level to beat on the upside

• Price backtested the breakout above 646.19 into the close

• While the hold wasn’t especially strong, bulls are technically still defending it

Momentum-wise, Friday’s candle has the look of a developing squeeze setup. With price pressing into resistance and buyers holding new support, another test of 646.19 is likely in the near term.

📌 Key Levels to Watch:

• 643.17: As long as SPY holds above this new support, the consolidation remains bullish in character

• 638.59: A breakdown here would flip control to the bears and increase odds of a pullback

• 649.48: A breakout and close above this level clears the path toward the next fib target at 653.51

This aligns with the weekly view: volatility and shakeouts are resetting momentum, but the trend remains constructive as long as support holds.