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SPY’s larger uptrend remains intact, so a $750 September low is a meaningful underdog.
SPY ended August at $767.05 after trading as low as $764.72, leaving the threshold close enough for a modest pullback to matter. Downside pressure is credible: momentum has weakened, hedge funds are selling, and September has historically struggled. Still, the larger trend remains bullish, equities entered the month near their recent peak, and implied volatility was near a one-year low. Support around $755–$760 most likely contains the decline, though the full September window and one-minute-low rule keep a $750 touch live.
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