SPY Held Below The 765.71 Floor It Broke.State Street SPDR S&P 500 ETFBATS:SPYvirDeStateraSPY Held Below The 765.71 Floor It Broke. SPY is trading near 761, still below the 765.71 floor it broke yesterday, so the range breakdown stands and it is now testing 759.13. The 4H structure is short and accelerating, but the hourly has turned up on a bounce off the low, so the two timeframes disagree on timing - which keeps a fresh lean off the table this morning even though the bias below 765.71 is lower. There is data on the clock too: JOLTS job openings at 10:00 Eastern, and Friday's jobs report is the bigger event later this week. Neutral. Resistance: 765.71 - the broken floor, now overhead Key resistance: 771.58 - the old range top Current price: 761.07 Support: 759.13 - the shelf being tested Key support: 753.22 - the next level down Structural floor: 746.26 - deeper support Two paths from here: The bounce fails under 765.71 and it loses 759.13 on a close. That extends the breakdown to 753.22 and then 746.26, and keeps the lower structure in control. As long as price stays under 765.71 this is the path with the wind behind it. It reclaims 765.71 on a close instead. That negates the breakdown, pulls price back inside the two-week range, and points at 771.58 again. The hourly bounce is the early hint of this, but it needs the level back to mean anything. 759.13 is the level that keeps the breakdown going; 765.71 is the one that undoes it. Built with SYNTHESIS v3.3 | SOM / ACE / IMP / SYNTHESIS Study, not financial advice.