SPY ETF Faces Technical Challenges Despite Holding Support Levels, Daily RSI Rebounds Above 50

The SPY, an ETF tracking the S&P 500, has been fluctuating around key technical levels. It recently held channel support, moved above key moving averages, and touched the AVWAP level. However, it faced resistance near the 50-day moving average. Despite this, it closed near highs and maintained support at 508.5. The Daily RSI is back over 50, and there is focus on the 515 level from previous rallies.