SPY at Make-or-Break Level: Rejection at $662 or Bounce to $668?

SPY is hovering near $659 in after-hours trading, sitting just below the critical $662.56 supply zone that has repeatedly rejected rallies. This level remains the most important near-term decision point on the chart, I like the idea of fading strength into the 660-662 zone.

Upside Scenario (Counter-trend bounce):
Trigger: Clean move and hold above $662.56 on decent volume increases odds of a first target $668.58, then $673, with an extended target to $676 (neckline retest). Any strength into the $673-$676 zone should still be treated as a potential fade rather than chasing.

Downside Scenario (Continuation lower):
Trigger: Rejection at $662.56 (particularly if we see expanding volume on the downside).
Targets: First target $655, then $650, with extension toward $644 - $640 (major put wall and 0.786 Fib zone).Overall, we are still trading below the gamma flip ($664.50 - $665.5), so downside volatility is favored on breaks. I will be watching the reaction at $662.56 very closely at the open, that single level will likely set the tone for the rest of the session.