$SPY — Hammer at Support, But It's a Signal to Watch, Not to BuyState Street SPDR S&P 500 ETFBATS:SPYMTrades-TTSThat's a hammer candle on $SPY. Price dipped to 757.97 during the session, buyers stepped in, and it closed at 761.69 — right near the high of the day. The lower wick is almost ten times the size of the body. Sellers tried to push it down and got taken out. That's the cleanest bar in three weeks. Every session since early September has been heavy volume with almost no result. This one finally closed where it needed to. SPY is still holding above 760.57, the level it reclaimed yesterday. Price is trying to curl the 5-12 @ripster47 EMA cloud but closed in between — not through it yet. One thing worth flagging on the volume: Friday was quad witching, the September expiry. Volume came in at 164% of average, but a large part of that is mechanical — options and futures expiring all at once, not conviction buying. The signal here is where the candle closed, not how many shares traded. The trigger from yesterday was 763.57, and it never came. High was 762.00. No long taken. Levels Tomorrow: over 762.00 opens the door back toward 763.57, then the 766-768 zone. Below, 760.57 is the level to hold, then 757.97, then 756.70. Hammer at support is a signal to watch, not a signal to buy. The follow-through is what matters. SPY SPY, SP500, Hammer, VolumeSpreadAnalysis, KeyLevels, QuadWitching, PriceAction, TechnicalAnalysis