SPY Broke The Floor - And Is Retesting It From Below.State Street SPDR S&P 500 ETFBATS:SPYvirDeStateraSPY Broke The Floor - And Is Retesting It From Below. Yesterday SPY lost 740.44 and dropped to 735, breaking the range down. Overnight it climbed right back to the underside of 740.44 and is trading 740.55 - a textbook retest of a broken level from below. This is the tell. A broken floor that gets reclaimed becomes a bear trap; a broken floor that rejects becomes resistance and confirms the breakdown. The hourly has an NR7 active and conviction is only mid-range, so the retest has not resolved. The one name where a break carries an edge is sitting right on the level that decides whether yesterday's break was real. Neutral. Resistance: 740.44 - the broken floor, now being retested from below Key resistance: 746.14 - first shelf above Current price: 740.55 Support: 736.87 - first support below Key support: 735.21 - yesterday's low Structural floor: 731.04 - the deeper shelf Two paths from here: It reclaims 740.44 and the breakdown fails. If SPY closes back above 740.44 and holds, yesterday's break was a bear trap and price snaps back into the range toward 746. A failed breakdown is one of the more powerful reversals, and on the leanable name a confirmed reclaim would set up the long that never triggered. It rejects 740.44 and continues down. If the retest fails and 735 goes, the breakdown is confirmed and the move opens 731 and below. That keeps the leanable bias on the short side, where yesterday's break pointed. SPY broke the floor and is now knocking on it from below. Reclaim it and yesterday was a trap; reject it and the breakdown is confirmed. The retest of 740.44 is the whole story this morning. Built with SYNTHESIS v3.3 | SOM / ACE / IMP / SYNTHESIS Study, not financial advice.