SPY 697 Breakout After 22-Point Surge

⬤ SPY just delivered a massive rebound—shooting up roughly 22 points from the overnight low in less than a day. But here's the catch: even with that explosive move, price is still stuck inside a classic diamond pattern that's clearly visible on the chart.

⬤ Right now, SPY is hanging around the 690 zone, squeezed between tightening trendlines. A big bullish candle pushed it toward the top of the formation, but the pattern is still holding. The make-or-break level sits at 697—that's where the upper resistance of the diamond comes into play.

⬤ If SPY punches through 697 and holds, the diamond pattern gets invalidated and the bull run stays alive. But if it gets rejected at that wall, things could get ugly fast. First downside target lands around 671–672, then 662, and possibly even 657 if selling pressure really picks up.

⬤ SPY is sitting at a major decision point right now. How it reacts at resistance will probably shape the next move. A clean breakout means the trend keeps rolling, but a rejection could send it tumbling as this consolidation finally breaks down.