The SPY daily chart shows a sharp and fast momentum bounce off the recent swing low at 629.28, with large bullish bars driving price up to the current level of 662.58. Short-term swing pivot trend has flipped to UTrend, supported by both the 5-day and 10-day moving averages turning up, indicating strong short-term buying pressure. However, intermediate and long-term trends remain bearish, as the 20, 55, 100, and 200-day moving averages are all in downtrends and price is still below or near these key benchmarks. The intermediate-term swing pivot trend (HiLo) is still DTrend, suggesting the broader move is still corrective within a larger downtrend. Resistance levels cluster above at 662.62, 683.38, 687.09, 693.68, and 697.14, while support is well below at 629.28. Volatility remains elevated (ATR 564), and volume is robust, reflecting strong participation in this reversal move. The overall structure suggests a short-term countertrend rally within a broader bearish context, with price currently testing the underside of major resistance and long-term moving averages. Swing traders will note the potential for further upside in the short-term, but the prevailing intermediate and long-term trends remain to the downside.