$SPY 3 Bearish Candles:
1. Strong prior uptrendSPY ran hard from the April low around 620.29 up into the 749.53 high.2. Rejection near the highsThe circled area shows price failing after tagging the upper zone near 749.3. Three red candles formingYes, there are three bearish candles in sequence, but they are not perfect “Black Crows” because:The bodies are not all huge/clean.They are not aggressively stair-stepping lower from open to close.The first candle is more of a rejection/hesitation candle.Price is still near the rising trend structure, not a full breakdown yet.Key levelsBearish warning zone:SPY rejected around 738–749, which lines up with the volume profile resistance/high-volume area.Important short-term level:The 8 EMA is around 736.63, and SPY closed near 733.17, so it is now slipping under the fast trend line.Bigger trend support:The 21 EMA is around 724.90. That is the level I would watch next.My readThis is not a confirmed bearish reversal yet. It is more like:“3-candle exhaustion after a vertical move.”The real confirmation comes if SPY loses:733 → 725 → 713If SPY reclaims 738–740, the bearish candle pattern loses power and this could just be digestion before another push higher.NFA
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