SPY S&P 500 ETF Analysis. SPY S&P 500 ETF Analysis. Last week we saw the market did not show strength because of the bank crisis. It is not a good signal for the market to go up trend. Today the market picture has two scenarios which are very confusing. On the other hand, public sentiment is very bullish about gold. Gold market price spick was a sign of a lack of confidence in the stock market public to buy stock. If today's spy break 396.00 then maybe the market hit the 404.00 level. But I think it is very difficult to break the 396.00 level for bearish market sentiment. SPY S&P 500 ETF Analysis. For this reason, it is our safe side if