SPY Breakdown Confirmed, Key Levels To Watch For Mar 31State Street SPDR S&P 500 ETFAMEX:SPYBullBearInsightsSPY is no longer in a range. The structure already shifted and now price is moving with direction. The focus now is not guessing bottom, but understanding where reactions can happen. Daily On the daily chart, I can clearly see a failed range at the highs. Price was holding around that 680 to 690 area for a while, but once it broke down, it did not come back. That breakdown is important. The moment price lost the 670 area, the entire structure shifted from sideways to bearish. Now price is sitting around 630. This is a strong move down without any real base forming yet. That tells me sellers are still in control. The previous support zones around 670 and 650 are now resistance. For the daily, this setup can stay valid for a few days into this week unless price reclaims back above 650. 1H On the 1H, the trend is very clean. Lower highs and lower lows all the way down. There is a clear trendline pushing price lower, and every bounce is getting rejected near that line. Right now price is consolidating slightly around 630. This is not strength yet. This is just a pause after a strong selloff. The last bounce failed to break previous highs, which confirms continuation behavior. Until price can break above 640 to 645, there is no real shift in momentum. GEX Looking at the GEX levels, everything lines up with price action. There is heavy resistance stacked above around 675 to 700. That matches the daily rejection zone perfectly. Below, I see support levels around 625, then 620, and much lower near 600 where the largest support sits. Right now price is sitting just above that 625 area. That makes this a key decision zone. If this level holds, there can be a short bounce. If it breaks, price can accelerate lower toward 620 and possibly 600. Putting it together Daily shows a confirmed breakdown from range 1H shows clean continuation with weak bounces GEX shows price sitting right on support with downside room Everything is aligned to the downside unless buyers step in strongly. My plan for Mar 31 If price holds above 625 and shows strong buyers stepping in, then a bounce toward 635 to 640 is possible. But that bounce is still considered a lower high unless price breaks above 645. If price breaks below 625 and holds under it, then continuation toward 620 and 600 becomes very likely. That aligns with both structure and GEX positioning. What I’m watching The main level is 625. If buyers defend it with strong candles and follow-through, I respect the bounce. If not, I follow the breakdown. No need to predict. Let the level confirm the direction.