SPY Reclaims Rising Wedge Support - Bear Trap or Breakout Setup?SPDR S&P 500 ETF TRUSTBATS:SPYCryptocurrencyWatchGroupSPY dropped below its rising wedge earlier this week, but that move may have been a bear trap. Price quickly reversed, reclaiming the wedge trendline and closing just below a key Fibonacci level at 629.84. Buyers stepped in aggressively near the 0.382 and 0.236 retracement zones, defending short-term support. The bounce came on increased volume, signaling strength behind the recovery. Momentum remains intact as long as SPY holds above 626. Now, bulls need to confirm with a breakout above 629.84–631.96 to open the door to the next levels at 635.63 and 640.30. Failure to break through could lead to another rejection and revisit lower support zones. Levels to watch: Support: 626.64, 623.62, 619.60 Resistance: 629.84, 631.96, 635.63 SPY is at a decision point. Reclaiming wedge support is a bullish signal, but bulls need follow-through to avoid another fakeout in the opposite direction.