The SPDR S&P 500 ETF Trust (SPY) is currently experiencing significant price movements, with a trading range noted between $524 and $530. Analysts are closely monitoring the ETF's performance, particularly its ability to hold support above $529, which is seen as crucial for bullish momentum. A recent rejection was observed near the $532 level, specifically at the 8-day moving average, and the ETF failed to maintain a previous high of $529.75. There are indications that if SPY can sustain above $529, it may close towards the $532 mark. Additionally, the 100-day and 8-day moving averages are being watched closely, with key levels identified between $429.60 and $530.