SPY is rebounding strongly off the 633–634 demand zone, reclaiming ground after the recent selloff. Price is now pressing into the middle of the broader ascending channel, with momentum shifting back toward the bulls.
* Resistance: The key zone sits at 644–647, where prior supply converges with the midline of the channel. This is also where sellers previously capped rallies.
* Support: Immediate support lies at 640–641, the pivot level that bulls must defend. If this breaks, downside flows reopen toward 639 → 637 → 634.
* Indicators: MACD has flipped bullish with rising histogram, showing positive momentum. Stoch RSI is overbought, suggesting some near-term exhaustion risk unless price pushes through resistance quickly.
🔍 Options / GEX Confirmation
* Resistance:
* 644–647 matches a heavy call wall cluster, confirming overhead resistance.
* Dealers are short calls here, creating a ceiling unless broken with volume.
* Support:
* 641 aligns with the 3rd put wall and heavy negative gamma → if this level fails, hedging accelerates downside.
* 637–634 confirmed as the next strong support band.
This confirms the chart view: 641–647 is the critical battleground.
🎯 Trade Scenarios
* Bullish: Hold above 641 and break through 647 with strong volume → upside opens toward 650–652.
* Bearish: Failure at 644–647 or breakdown under 641 → downside targets 639 → 634.
🧠 Final Take
SPY’s rebound has momentum, but the 644–647 zone is the make-or-break level. Clearing it would shift the bias back to the upside, targeting 650+. Failure to do so likely triggers a rejection and renewed selling pressure back toward 634.
* Resistance: The key zone sits at 644–647, where prior supply converges with the midline of the channel. This is also where sellers previously capped rallies.
* Support: Immediate support lies at 640–641, the pivot level that bulls must defend. If this breaks, downside flows reopen toward 639 → 637 → 634.
* Indicators: MACD has flipped bullish with rising histogram, showing positive momentum. Stoch RSI is overbought, suggesting some near-term exhaustion risk unless price pushes through resistance quickly.
🔍 Options / GEX Confirmation
* Resistance:
* 644–647 matches a heavy call wall cluster, confirming overhead resistance.
* Dealers are short calls here, creating a ceiling unless broken with volume.
* Support:
* 641 aligns with the 3rd put wall and heavy negative gamma → if this level fails, hedging accelerates downside.
* 637–634 confirmed as the next strong support band.
This confirms the chart view: 641–647 is the critical battleground.
🎯 Trade Scenarios
* Bullish: Hold above 641 and break through 647 with strong volume → upside opens toward 650–652.
* Bearish: Failure at 644–647 or breakdown under 641 → downside targets 639 → 634.
🧠 Final Take
SPY’s rebound has momentum, but the 644–647 zone is the make-or-break level. Clearing it would shift the bias back to the upside, targeting 650+. Failure to do so likely triggers a rejection and renewed selling pressure back toward 634.
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.