SPY July Forecast — Monthly LevelsState Street SPDR S&P 500 ETFBATS:SPYNeuralMarketsSPY enters July after a strong Q2 rally, but momentum is no longer one-way. The broader trend is still constructive, while recent price action shows rotation: strength in defensive/value areas, pressure in AI/chips, and a market waiting for the next Fed/earnings trigger. For July, the key AI reclaim zone is **770–782**. SPY is not fully bullish below this band. A move back above **770** improves structure, but acceptance above **782** is the real confirmation that buyers are back in control. Above **782**, upside opens toward **803** first. If momentum expands, the next major rail is **826**. A clean breakout above **826** would shift July into extension mode, with **859** as the next upper zone. On the downside, failure to reclaim **770–782** keeps SPY vulnerable to a retest of **737**. Below **737**, the structure weakens further toward **714**, then **681**. ### July Map **Reclaim zone:** 770–782 **Bullish confirmation:** Above 782 **Upside path:** 803 → 826 → 859 **Key downside:** 737 **Weakness below:** 737 → 714 → 681 ### Final Read SPY’s July trade is simple: Below **770–782**, rallies can still face supply. Above **782**, the trend reclaims control and **803–826** becomes the active upside path. Below **737**, July shifts from pullback to breakdown risk.