SPY 30m Analysis – Breakout or Fakeout?

Key Observations:
Breakout Attempt – Price has pushed above previous consolidation, testing a critical resistance level.
Declining Volume Trend – Despite the breakout, overall volume has been decreasing, which could signal weakness. However, there was a slight volume spike during the breakout.
Trendline Holding – The upward-sloping trendline suggests bullish structure remains intact.

Possible Scenarios:
Bullish Case: If buyers step in with strong volume, we could see a continuation move toward new highs. Watch for a solid close above resistance with increasing volume.
Bearish Case: If this breakout lacks follow-through and volume dries up, we could see a rejection and potential retracement back into the previous range.

Trading Plan:

Watch price action around the resistance zone for confirmation.
A strong close above resistance with high volume = bullish confirmation.
A rejection with weak volume = potential fakeout and reversal.

What’s your take? Is this the start of a bigger move, or is SPY about to roll over? Drop your thoughts below!

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