SPY Rejected 748 A Sixth Time And Slid Back.State Street SPDR S&P 500 ETFBATS:SPYvirDeStateraSPY Rejected 748 A Sixth Time And Slid Back. Speaking back to Monday: the sixth run at 748 needed a close above to mean anything, and it did not get one. SPY rejected 748 again, slid back through 740.44, and is trading 738.72 - back below the level it reclaimed, with the reclaim itself now in question. The daily still carries a bullish thesis and a fresh high-conviction announcement, but on the hourly it is back inside the mess between 735 and 748. Six failures at 748 is a ceiling; back under 740.44 is a warning. Neutral. Resistance: 740.44 - the reclaimed level, lost again Key resistance: 748.00 - the six-time ceiling Current price: 738.72 Support: 736.87 - first support Key support: 735.21 - the trap low Structural floor: 731.04 - the deeper shelf Two paths from here: It reclaims 740.44 again and holds the range. The daily is still bullish and the announcement conviction is still top-quartile. If SPY reclaims 740.44 and bases, the range holds and 748 comes back into view for a seventh, better-rested attempt. The higher-timeframe bull is not dead yet. It loses 735.21 and the range breaks for real. Back below 740.44 after six failures at 748, with NVDA collapsing and BTC breaking its floor, the path of least resistance is down. A loss of 735.21 confirms the range break and opens 731. The cross-market risk-off is the context that matters here. SPY could not close above 748 on its best-supported try, and it is back below 740.44 while the rest of the board breaks down. The bullish daily keeps it two-sided, but the burden is now fully on the bulls to reclaim 740.44 and hold it. Built with SYNTHESIS v3.3 | SOM / ACE / IMP / SYNTHESIS Study, not financial advice.