SPY Losing Momentum — Watch This LevelState Street SPDR S&P 500 ETFAMEX:SPYBullBearInsightsThis is the type of move that looks obvious… until it isn’t. Everyone sees the drop. The real question is what happens next. 1H Context (Bigger Picture) On the 1H, SPY has clearly rolled over: * Failed push near the 674–675 area * Lower highs starting to form * Strong sell candles into the close * Price now sitting near the lower range So overall, the market is leaning bearish. But here’s the catch — we’re no longer at resistance. We’re sitting closer to support. That changes the risk completely. 15M Structure (What’s happening inside the move) On the 15M, the breakdown is already done: * Clean rejection from the 672–674 zone * Trendline support broke and never recovered * Price pushed straight into the 660 area * Selling slowed after the drop You can feel it on the chart. The first move was aggressive. Now it’s starting to stall. That’s usually where traders make the mistake of chasing. GEX Levels (Where the real decisions are) From your GEX map: * 670 = resistance above * 660 = current pivot zone * 650–635 = strong support below So right now, price is: * Not at resistance * Not fully broken down * Sitting in between That’s not a clean entry zone. That’s a decision zone. Trade Plan If sellers stay in control I want to see price accept below 659–660 Then I’m watching: * 655 * 650 * possibly 640s if momentum builds If price moves back above 662–664, that breakdown starts to weaken. If buyers step in here If this level holds and we get a bounce: Upside targets: * 664 * 668 * 670 But this is still a reaction unless structure flips on the 1H What I’m avoiding No chasing after a move that already happened No entries right in the middle This is where most losses come from How I see it 1H shows the direction 15M shows the slowdown GEX shows the key levels Put that together and it’s simple: This is not a clean trend entry This is a wait-for-confirmation zone My take SPY is still weak overall. But right here, it’s not about being aggressive. It’s about being patient. Either: * breakdown continuation or * bounce from support Anything else is just noise.