$SPY — Coiled Range Finally Breaks After Fed Warsh SpeechState Street SPDR S&P 500 ETFBATS:SPYMTrades-TTSSPY faded hard after the Fed Warsh speech. Today's move was significant — price dropped from 761.67 all the way to 749.60, a 12-point range. This was the session everything had been building toward. For the last six trading days, SPY kept putting up above-average volume with tight ranges — heavy participation, almost no price movement. That's a coiled market, and today it uncoiled. The range came in at nearly triple a normal day, and the volume was the heaviest of this entire leg. 756.70 is the big one. That level held four separate times over the past two weeks — every time sellers pushed into it, they got nothing back. Today it broke, and it broke with the range expansion and volume that had been missing on every previous attempt. That's what makes this break different from the ones that failed. The bearish structure was already in place before today. SPY lost the 5-12 @ripster47 EMA cloud on September 8, then broke the 34-50 cloud on September 15. Today delivered the move those signals were pointing at. Price found buyers at 750 and closed back at 754.05, about 4.5 points off the low. That's a real recovery, and it happened at an important level — but the close still finished in the lower third of the day's range, so confirmation would come from tomorrow closing green on strong volume before calling that low the bottom. Levels 749.60 and 750.00 are the floor. Hold them and this becomes a bounce attempt. Lose them and 739.63 is next, then 731.96. Above, 756.70 and 760.57 are resistance now — they've flipped. SPY