SPY's Breakdown Was A Trap - Right Back To 748.State Street SPDR S&P 500 ETFBATS:SPYvirDeStateraSPY's Breakdown Was A Trap - Right Back To 748. Friday's question was whether the loss of 740.44 was real or a bear trap. It was a trap. SPY reclaimed 740.44 over the weekend, snapped back into the range, and is trading 745, pressing toward the 748 ceiling again with a fresh high-conviction bull announcement just printed. The failed breakdown did exactly what failed breakdowns do - flushed the shorts and reversed. But it has carried price right back to 748, the level that has rejected five times. Strong setup, same wall. Neutral until it closes above. Resistance: 748.00 - the five-time ceiling, again Key resistance: 751.00, then 755.66 Current price: 745.35 Support: 740.44 - reclaimed, the failed-breakdown line Key support: 736.87 - first shelf below Structural floor: 735.21 - the trap low Two paths from here: 748 finally breaks on this attempt. A failed breakdown that reclaims with a fresh top-quartile announcement behind it is the strongest run at 748 yet - the trap cleared the sellers below and conviction is on side. A confirmed close above 748 opens 751 and finally triggers the long on the one name where a break carries an edge. 748 rejects a sixth time. Five failures is a wall, and price is walking right back into it. A rejection here and a loss of 740.44 would make the reclaim itself the trap and send it back toward 735. The burden stays on the bulls until the close clears the level. The breakdown was a trap and the snap-back was clean - but it has led right back to 748, the level that has said no five times. This is the best-supported attempt yet. It still is not a break until it closes above 748. Built with SYNTHESIS v3.3 | SOM / ACE / IMP / SYNTHESIS Study, not financial advice.