The SPDR S&P 500 ETF Trust (SPY) has been trading near critical support and resistance levels amid elevated market volatility and mixed earnings outlooks. Key support levels are identified between $527 and $529, with resistance at $545, followed by a range of $553 to $562. Analysts note a recent false breakout at $607, suggesting sellers currently have control. The market has bounced off April lows but faces challenges from tariffs, weak earnings visibility, and technical resistance, making it a cautious environment for aggressive long positions. Short-term movements include SPY trading below the $548 low from the previous day, with Monday's low at $545. Despite a quick bounce off the opening level of 547.50 on April 30, the overall outlook points to a limited upside potential of 1% to 1.5% against a possible 4% to 5% decline in the coming months, prompting recommendations to reduce position sizes and protect gains.