SPY Is Digesting Under 776 - Trend Line Holds.

The uptrend is consolidating. SPY has spent the session digesting under the 776.81 high, trading 770, holding well above the 765 trend line that has defined the move. The surface is split - the hourly reads a strong bullish thesis while the 4H cooled to bottom-quartile - which is typical of a market catching its breath after new highs. An NR7 is compressing here too, so a move is loading. The trend is intact as long as 765 holds. Neutral.

Resistance: 776.81 - the high
Key resistance: 778.00 - open air above
Current price: 770.68
Support: 765.71 - the trend line
Key support: 759.67 - the prior high
Structural floor: 753.22 - deeper support

Two paths from here:

It holds 765 and breaks 776.81. Consolidating above the trend line without giving it back keeps the path higher. A break of 776.81 with the NR7 resolving up opens 778 and clean air. The trend structure is intact.

The NR7 resolves down into a backfill. Compression plus a cooled 4H surface at the highs can break the other way. A loss of 765.71 would signal the run needs a deeper rest toward 759. The NR7 says the move is close either way.

SPY is digesting under its high with the trend line holding and an NR7 winding tight - a move is coming soon. Above 765 the trend continues; a break of 765 signals the backfill. The compression will resolve it.

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Study, not financial advice.