SPY Tagged A New High At 776, Now Digesting.

The trend is holding. SPY pushed to a new high at 776.81 overnight and has eased back to 771, digesting the gains while staying well above the 765 level that Wednesday flagged as the trend line. The move remains a clean uptrend with the higher-timeframe structure bullish. The hourly surface cooled to neutral on the pullback, which is normal consolidation after new highs. Extended, but constructive - a strong trend resting. Neutral.

Resistance: 776.81 - the new high
Key resistance: 778.00 - open air above
Current price: 771.19
Support: 768.15 - first support
Key support: 765.71 - the trend line
Structural floor: 759.67 - the prior high

Two paths from here:

It holds 765 and pushes 776.81 again. Digesting near a new high without giving back the trend line keeps SPY pressing higher. A break of 776.81 opens 778 and clean air. The trend and structure are aligned.

It pulls back deeper to backfill. A new high that gets sold can lead to a larger consolidation. A loss of 765.71 would signal the run needs a proper rest toward 759. Extended trends eventually mean-revert.

SPY tagged a new high and is digesting just below it - the uptrend is intact as long as 765 holds. New high, small pullback, trend line defended: this is what healthy trends do. 765 is the line that matters.

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