SPY remains in a strong 1D uptrend, printing higher highs and higher lows from June through November. Price continues to respect the 20-day MA as dynamic support, with a clean demand zone near $671.72. Overhead, the recent all-time high at $689.76 aligns with the upper boundary of a developing bull flag (upper trendline ≈ $688). Structure is bullish; momentum stays positive while volatility cools after October’s expansion.
Primary path: a daily close above $689.76/$690 confirms the flag breakout and likely drives a continuation toward the psychological $700 handle first, then the $710–$715 extension as participation broadens. Alternatively, a constructive pullback into $671–$675 offers a dip-buy zone so long as the 20-day MA holds. If $671.72 fails decisively, watch the 60-day MA around $658.57 as the next support area.
Triggers and risk: Break-and-hold above $690 or a strong rebound from $671 activates longs; scale out near $700 with room for $710–$715 if momentum persists. Invalidation for breakout entries sits below the recent consolidation lows around $678; for dip buys, a break under the prior swing low near $668 negates the immediate bullish thesis. A daily close below $671 would be an early bearish warning. This is a study, not financial advice. Manage risk and invalidations