The SPDR S&P 500 ETF (SPY) exhibits several negative technical signals, leading to a downgraded outlook. Despite a positive overall market trend, the ETF is expected to underperform in the short term due to weaknesses in its technical picture. A sell signal from the 3-month MACD and decreased volume accompanying price declines further support this negative evaluation. Key resistance levels are identified at $692.58 and $687.98, with support found at $685.35. A break above resistance may signal buy opportunities, while holding support could indicate a potential rebound.