SPY Sep 22 TA – “Grinding Higher or Ready for a Breather?”
1️⃣ Big Picture on the 1-Hour Chart
* Price action: SPY closed near 663.40, still tracking inside an upward channel. Buyers continue to defend the midline, keeping the short-term uptrend alive.
* Key levels:
* Resistance: 665.1 → 667.5 (recent high and strong call wall)
* Support: 659.5 → 657 (mid-channel & HVL from options data)
* Indicators:
* MACD is positive but flattening, signaling fading momentum.
* Stoch RSI is elevated near 85, which may point to a near-term pause or light pullback.
Overall trend stays bullish but a little extended; a sideways consolidation wouldn’t surprise.
2️⃣ GEX / Options Flow
* Strong call walls at 665–667.5 and a key gamma shelf around 659.5.
* Below, 655 and 650 show heavy put walls, with a large gamma pocket that could accelerate a dip if 657 breaks.
* IVR stands at 13.3, suggesting option premiums remain moderate and potentially attractive for quick strategies.
This options picture supports the idea of SPY chopping between 657 and 665 early in the week unless a fresh catalyst pushes it through 667.
3️⃣ Trading Thoughts & Suggestions
* Scalp / day trade: A clean break above 665–667.5 with strong volume could target 670 and beyond. Tight stop under 663.
* Support bounce: If early weakness brings price toward 659.5–657 and it holds, watch for a rebound back to 663+.
* Fade setup: A hard rejection at 665–667.5 may open a move back toward 657.
4️⃣ Bottom Line
SPY remains in a healthy uptrend, but momentum is slowing. Bulls want to see a sustained move over 667 to keep the rally alive, while bears look for a break below 657 to shift control.
Disclaimer: This is just market opinion for educational discussion. It’s not financial advice. Always manage your own risk before trading.
