$SPY Daily Close — Sep 4, 2026State Street SPDR S&P 500 ETFBATS:SPYMTrades-TTSFundamental Side NFP shook the whole market. The job numbers came in hot enough to be inflationary, and that's the kind of print that can change the Fed's stance. The whole market got shaken out with it — gold and silver included — while the USD Index strengthened on the hawkish data. More data next week to confirm. Worth noting: SPY still closed red on a hawkish print, but on low volume. That's the part most people will skip. A print that genuinely repriced the Fed should have brought sellers with size. It didn't. Technical Side Yesterday was a big day — effort and result in agreement, big move with the volume behind it. Today's red candle is a pullback to the 5-12 cloud (@ripster47 EMA cloud) on low volume. Narrow spread too — 3.87 against a 6.22 ATR, the narrowest bar of the last four sessions. Down bar, narrow spread, volume lower than the day before. That's No Supply. Sellers didn't commit. Profit-taking, not distribution. Price is still holding above the cloud at 767.95–768.41, so the curl is intact. I hold the bullish view as long as 766 holds. Break 766 with good volume and I may short the market. Volume Analysis 34.03M against a 36.8M average — 92% relative volume, and roughly 18% below yesterday's 41.28M. Red candles on falling volume points to profit-taking pullback rather than a shift in control. Tuesday is the day — Monday is Labor Day. If the 5-12 cloud (@ripster47 EMA cloud) holds, this was just a pullback. If 766 breaks on real volume, effort produced no result and the 5-12 Break (@ripster47 EMA cloud) is the setup to play. And note that qualifier: on real volume. A break of 766 on 30M shares is a shakeout, not a trend change. That's the one that stops people out right before the next leg. Levels: hold 766. Above, 775 then 777.50–780. Below, 760.57 then 756.70.