SPY Shows Strong Support at $480-$485 Amid Predictions of Decline to $380, 50% Retrace Since October 2022

The SPDR S&P 500 ETF Trust (SPY) has shown notable trading activity around the $480 level, which has been identified as a significant support area. Analysts have pointed out that this price point represents a 50% retracement of the move from October 14, 2022, to February 11, 2025. Following this retracement, SPY experienced a bounce, indicating a potential recovery trend. Some traders are speculating on future movements, with predictions suggesting a possible decline to $380, while others remain optimistic about the $480-$485 range continuing to hold as a strong support level.