The SPY ETF presents a cautiously bullish daily setup, though momentum does not offer unanimous support. The State Street SPDR S&P 500 ETF Trust sits above its daily exponential averages, while its daily MACD remains below its signal. Hourly readings support the bullish case, though nearby resistance leaves that case conditional.
Key takeaways
- The SPY ETF was trading at $771.6 as of 12:07 ET, up 0.25% from the previous close.
- Daily RSI14 is 52.75, above neutral and below overbought territory.
- Daily MACD line is -0.06, below its signal at 0.45, with a negative histogram of -0.51.
- Hourly RSI14 is 63.75 and hourly MACD histogram is positive at 0.64, confirming bullish momentum on that timeframe.
- Price faces immediate resistance at daily first resistance of $772.13 and finds nearby support at the daily mid-band of $770.86.
On Wednesday, October 28, 2026, the SPY ETF opened at $771.43, traded between a low of $769.25 and a high of $771.65, and was last at $771.60, against a previous close of $769.66. It was trading at $771.6 as of 12:07 ET, up 0.25% versus the previous close. The session was still open.
SPY ETF daily structure supports a qualified bullish bias
The daily averages are bullishly aligned: price sits above the 20-session EMA at $768.89, the 50-session EMA at $766.18 and the 200-session EMA at $732.1. Their descending order beneath price supports the main bullish bias. Price is also below daily first resistance at $772.13, leaving an immediate obstacle overhead.
Daily momentum shows a divergence
Daily RSI14 stands at 52.75, above neutral but short of overbought territory. Meanwhile, the daily MACD line is -0.06, below its signal at 0.45, with a negative histogram of -0.51. That disagreement matters: price structure favors buyers, but daily MACD does not confirm the bullish view.
Bollinger band and volatility context
Price sits above the daily Bollinger mid-band at $770.86, between the lower band at $759.62 and the upper band at $782.1. The mid-band therefore provides a nearby reference beneath price. Daily ATR14 has declined to $6.82 from $7.16 in the preceding session.
Hourly confirmation, with a short-term caveat
On the hourly chart, the SPY ETF is above the 20-hour EMA at $768.14, the 50-hour EMA at $767.76 and the 200-hour EMA at $768.32. However, those averages are not bullishly stacked: the 200-hour EMA sits above the other two. Price position supports the daily bias, but the average ordering is less decisive.
Hourly momentum aligns with the bullish case
Hourly RSI14 is 63.75, above neutral and below overbought territory. The hourly MACD line at 1.45 exceeds its signal at 0.81, producing a positive histogram of 0.64. In contrast to the daily MACD, this timeframe offers positive momentum confirmation.
Pivot and band positioning on the hourly chart
Price also sits above the hourly pivot at $770.82 and below hourly first resistance at $771.67. The hourly Bollinger upper band at $773.9 provides a higher reference, while the mid-band stands at $766.94. These positions favor the bullish reading without establishing a break through resistance.
15-minute execution context
For execution context, the 15-minute averages are bullishly aligned beneath price: the 20-period EMA is $770.44, followed by $768.84 and $767.87. These are quarter-hour averages. Yet RSI14 at 65.96 coexists with a MACD line of 0.76, just below its signal at 0.77. The histogram is -0.01, so short-term momentum signals are mixed.
Notably, price is above the 15-minute pivot at $771.3 but below first resistance at $771.65 and the upper Bollinger band at $771.82. That places nearby execution resistance beneath the daily resistance threshold.
What would support or invalidate the bullish case?
The bullish scenario requires the SPY ETF to hold above the daily mid-band at $770.86 and clear daily first resistance at $772.13. Above that threshold, the hourly upper band at $773.9 precedes the daily upper band at $782.1. A daily MACD line above its signal would provide additional confirmation; it is currently below it.
Conversely, a break below the daily 20-session EMA at $768.89 would weaken the setup. The daily pivot at $768.67 is the next lower reference. A further break below daily first support at $766.2 and the 50-session EMA at $766.18 would invalidate the near-term bullish case.
For news context, an Investing.com report published on Thursday, October 22, attributed SPY’s pre-open decline to technology earnings disappointments and higher global oil prices. That report predates Wednesday’s session.
Overall, the SPY ETF stands above its daily averages but below $772.13 resistance. Daily ATR14 reads $6.82, while daily and hourly MACD signals disagree. The unresolved question is whether price can clear resistance with daily momentum confirmation before the session ends.
FAQ
What is the current price of the SPY ETF?
The SPY ETF was trading at $771.6 as of 12:07 ET on Wednesday, October 28, 2026, up 0.25% from the previous close. The session was still open.
Does daily momentum support the bullish case for the SPY ETF?
Partially. Daily RSI14 at 52.75 sits above neutral, which supports the bullish bias. However, the daily MACD line at -0.06 remains below its signal at 0.45, with a negative histogram of -0.51. That means daily momentum has not yet confirmed the bullish structure.
What are the key resistance levels for the SPY ETF?
Immediate resistance sits at daily first resistance of $772.13. Above that, the hourly Bollinger upper band at $773.9 and the daily upper band at $782.1 represent further upside levels. On the 15-minute chart, first resistance at $771.65 and the upper Bollinger band at $771.82 provide nearer-term execution resistance.
What would invalidate the near-term bullish setup?
A break below the daily 20-session EMA at $768.89 would weaken the setup, with the daily pivot at $768.67 as the next lower reference. A further break below daily first support at $766.2 and the 50-session EMA at $766.18 would invalidate the near-term bullish case.
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