# SPY Aug 27: $770 Is the First Real TestState Street SPDR S&P 500 ETFAMEX:SPYBullBearInsights SPY is giving us a pretty clean setup for Thursday. The daily chart still looks constructive. The bigger breakout above the old descending resistance is holding, and price has not fallen back into the prior range. After pulling back from the recent high near **$781.81**, SPY found buyers again and is trading around **$769 to $770** overnight. That puts price right into the first area I care about. The 15-minute chart is strong, but it is also getting stretched. SPY made a sharp move from roughly **$764 to above $770**, and RSI is already around **73**. So I would not chase the first green candle Thursday morning. I want to see what happens around **$770**. The GEX map is packed tightly around current price. I’m watching **$767, $768, $769 and $770** on the upside. Below price, the important levels are **$765, $764, $763, $762 and $760**. That tells me Thursday could be more about how SPY handles a very tight group of levels than about predicting a huge move before the open. For me, **$770 is the first test**. If SPY gets above $770 and buyers can hold it, I think the market has room to push back toward the low $770s and eventually challenge the recent highs again. But I would not treat a quick move above $770 as confirmation. I want to see price stay there. If $770 rejects, I’m watching **$769 and $768** first. Below that, **$767** becomes important. That area also lines up with the short-term breakout structure from Wednesday. If buyers defend $767 to $768, I would still consider the intraday structure healthy. The level that matters more to me on weakness is **$765**. There is meaningful GEX sitting there, and the 15-minute chart shows price spent a lot of time fighting around that area before the late move higher. If SPY falls back below $765 and cannot recover it, I would stop treating the pullback as minor. Then $764, $763 and $762 come back into play. Below $762, I would start watching **$760**. That would also tell me something about the rest of my watchlist. If SPY is holding above $768 to $770, I’m much more comfortable looking at bullish setups in NVDA, AMD, PLTR and the other momentum names. If SPY starts losing $765 and $762, I become much more selective with calls even if an individual stock still looks good. That is why SPY matters more than just another chart. It sets the environment for everything else. For Aug. 27, I’m watching **$770 on top and $765 underneath**. Hold $770 and buyers keep control. Reject it and we probably stay inside the range. Lose $765 and the tone starts changing. SPY doesn’t need to make a new high Thursday to stay bullish. It just needs to prove that this breakout still has buyers behind it.