Automatic wave scan: as of 21 Oct 2026, the automatic daily count for SPY is Wave 1 down with a bearish bias. The count stays valid while price holds 781.62.
Current SPY wave count
Automatic wave scan Updated daily from the latest daily close (21 Oct 2026). Computer generated from swing highs and lows, not reviewed by an analyst.
Automatic scan: price is in wave 1, the first leg of a five wave decline that began at 781.62 on 6 Oct 2026. Next levels to watch are 754.93 and 747.67. The count fails on a daily close above 781.62.
Key levels
| Type | Levels |
|---|---|
| Resistance | 781.62 · 779.37 |
| Support | 749.60 · 729.10 |
| Invalidation | 781.62 |
What is SPY?
SPY launched on 22 January 1993 and is managed by State Street Global Advisors. It was the first US listed ETF. The fund holds the stocks of the S&P 500 in the same weights as the index.
SPY is among the most traded securities in the world, with very tight spreads. It pays dividends quarterly.
What moves the SPY price?
- S&P 500 direction: SPY follows the index almost exactly.
- Fund flows: Large inflows and outflows show investor mood.
- Options activity: SPY options are among the most traded in the world.
- Federal Reserve: Rate expectations move the whole market.
- Earnings season: Results from the biggest firms drive the index.
How SPY moves in Elliott Wave terms
SPY's wave structure is the same as the S&P 500, but price is about one tenth of the index level. Many traders count waves on SPY because of its volume data and options levels.
Use the cash index or futures for overnight structure and SPY for the regular session.
Tips for counting SPY waves
Use SPY volume to confirm wave 3 strength, which usually comes with rising volume.
SPY key facts
SPY Elliott Wave FAQ
Is SPY the same as the S&P 500?
SPY is a fund that holds the S&P 500 stocks, so it tracks the index closely, minus a small yearly fee.
When did SPY launch?
On 22 January 1993. It was the first ETF listed in the United States.
Does SPY pay dividends?
Yes. SPY pays dividends from its holdings every quarter.
Sources and further reading
- SPY fund page and holdings (State Street Global Advisors)
- SPDR S&P 500 Trust ETF (Wikipedia)
- Exchange-traded funds (ETFs) investor bulletin (U.S. SEC Investor.gov)
Educational content only. Nothing on this page is financial advice or a recommendation to buy or sell. Trading involves risk and you can lose money. Elliott Wave counts are probabilities, not certainties. Read our full disclaimer and affiliate disclosure.
