SPX – GEX 6800 Put Support Holds🔶 SPX – 6800 Put Support Holds, Pricing Skew Mean-Reversion 🔶
On the daily chart, SPX found clean support at the 6800 put level , tied to the Jan 23 expiration . That level absorbed yesterday’s downside pressure, and price has been rotating higher since the bounce. 🟢
🔶 Options Structure 🔶
From an options structure perspective, the range is now clearly defined:
6800 acts as the primary put support 🔴
6915 marks the next call resistance on the weekly expiration 🟢
One of the most important signals comes from the Options Oscillator . Yesterday, put pricing skew reached a historically extreme level , indicating significant put overpricing relative to calls. Since then, we’ve seen a sharp mean-reversion in skew, suggesting that downside hedging pressure is easing.
That said, caution is still warranted . SPX remains below the High Volatility Level (HVL) , a regime where price action tends to be faster and more reactive, with elevated volatility. 🔵
If 6800 continues to hold , the next key test is the HVL zone around 6895 . A reclaim above HVL would shift the regime toward more controlled price behavior and opens the path toward 6915 call resistance as the next upside reference. 🟢
🔶 Key Levels to Watch 🔶
6800 – put support / downside anchor 🔴
6895 (HVL) – regime pivot 🔵
6915 – next call resistance (weekly) 🟢
As long as price holds above 6800 , the structure favors continued upside rotation , but sustained strength likely requires a reclaim above HVL . Failure to hold 6800 would quickly reintroduce downside volatility .
