SPY had a clean bullish run early today with consecutive CHoCH → BOS confirmations, pushing toward 665–667 before sellers reacted sharply. That rejection created a fresh CHoCH to the downside while price is now retesting the broken structure near 663–665. The ascending trendline from the morning impulse is still intact, but momentum is fading. MACD histogram shows weakening bullish pressure with a soft cross, and Stoch RSI has cooled from overbought. This suggests indecision before the next leg.
If SPY fails to reclaim 665.7, expect another CHoCH down targeting 660.3 to 658.9.
On the 1-hour chart, we’re seeing a classic compression pattern between 662 and 666. Bulls tried to break 666 twice but met rejection near the 2nd and 3rd Call Walls (670). Volume dropped on each push, confirming supply above. If price loses 662–660, the next liquidity pocket sits near 657 (the highest negative Net GEX zone). Conversely, a clean hourly close above 666 opens 670–672.5 for a possible short squeeze.
GEX and Options Sentiment
The options data reinforces the chart story. Call walls cluster at 665 and 670, while put walls sit at 660 and 657. GEX remains negative, and dealers appear short gamma below 662 — meaning volatility could expand sharply if price dips. The Options Oscillator [PRO] shows PUTs at roughly 103% and IVR around 23%, which indicates hedging and caution heading into macro catalysts.
Dealer positioning hints at a neutral-to-bearish bias unless SPY reclaims 666+ with strength. Below 662, PUT delta hedging could accelerate selling toward 657–655.
Intraday Trading Thoughts
Bullish plan: If SPY reclaims 665.8 with volume, ride the move toward 667.5–670. Stop below 662.8. Favor short-dated CALLs (0DTE or 1DTE) with momentum confluence.
Bearish plan: If price breaks and retests 661.8, aim for 658.9 → 657 → 653.1. Stop above 665.5. PUTs with 660 strike for 1DTE or 2DTE fit the structure.
Neutral idea: If volatility stays muted, an iron condor or credit spread between 660–670 could work, taking advantage of low IVR and likely chop.
Key Context
670–672 is the extreme bullish gamma zone that could trigger a squeeze if volume floods in. 666–667.5 remains the main decision level where either side could take control. 662–660 acts as a pivot — lose it, and momentum flips bearish fast. 657–655 is the magnet if downside accelerates, aligning with deep negative GEX and dealer hedging pressure.
Outlook for Tomorrow
SPY is coiled tightly between 662–666. If we open above 663 and hold over 665 with MACD flipping green again, bulls could attempt a push toward 670. However, another rejection at 665–666 with a CHoCH down on the 15-minute is a clear PUT setup — especially with negative GEX tilt below 662. Expect volatility spikes around 10 a.m. ET when direction confirms.
💬 If you want me to TA any stock I don’t regularly post, DM me and I’ll give it the same deep multi-timeframe + GEX treatment.
Disclaimer: This analysis is for educational purposes only and not financial advice. Trade responsibly and manage your risk.
If SPY fails to reclaim 665.7, expect another CHoCH down targeting 660.3 to 658.9.
On the 1-hour chart, we’re seeing a classic compression pattern between 662 and 666. Bulls tried to break 666 twice but met rejection near the 2nd and 3rd Call Walls (670). Volume dropped on each push, confirming supply above. If price loses 662–660, the next liquidity pocket sits near 657 (the highest negative Net GEX zone). Conversely, a clean hourly close above 666 opens 670–672.5 for a possible short squeeze.
GEX and Options Sentiment
The options data reinforces the chart story. Call walls cluster at 665 and 670, while put walls sit at 660 and 657. GEX remains negative, and dealers appear short gamma below 662 — meaning volatility could expand sharply if price dips. The Options Oscillator [PRO] shows PUTs at roughly 103% and IVR around 23%, which indicates hedging and caution heading into macro catalysts.
Dealer positioning hints at a neutral-to-bearish bias unless SPY reclaims 666+ with strength. Below 662, PUT delta hedging could accelerate selling toward 657–655.
Intraday Trading Thoughts
Bullish plan: If SPY reclaims 665.8 with volume, ride the move toward 667.5–670. Stop below 662.8. Favor short-dated CALLs (0DTE or 1DTE) with momentum confluence.
Bearish plan: If price breaks and retests 661.8, aim for 658.9 → 657 → 653.1. Stop above 665.5. PUTs with 660 strike for 1DTE or 2DTE fit the structure.
Neutral idea: If volatility stays muted, an iron condor or credit spread between 660–670 could work, taking advantage of low IVR and likely chop.
Key Context
670–672 is the extreme bullish gamma zone that could trigger a squeeze if volume floods in. 666–667.5 remains the main decision level where either side could take control. 662–660 acts as a pivot — lose it, and momentum flips bearish fast. 657–655 is the magnet if downside accelerates, aligning with deep negative GEX and dealer hedging pressure.
Outlook for Tomorrow
SPY is coiled tightly between 662–666. If we open above 663 and hold over 665 with MACD flipping green again, bulls could attempt a push toward 670. However, another rejection at 665–666 with a CHoCH down on the 15-minute is a clear PUT setup — especially with negative GEX tilt below 662. Expect volatility spikes around 10 a.m. ET when direction confirms.
💬 If you want me to TA any stock I don’t regularly post, DM me and I’ll give it the same deep multi-timeframe + GEX treatment.
Disclaimer: This analysis is for educational purposes only and not financial advice. Trade responsibly and manage your risk.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.