SPY at a Critical Level! Key Trade Setups for This Week
🚀SPY has pushed into a strong resistance zone near 609-610, with a breakout attempt forming. The overall structure suggests a bullish continuation, but options flow data reveals hedging activity, which could lead to short-term pullbacks.
🔍 Technical Analysis
* Trend Structure: SPY has broken out from consolidation and is trending upward, testing a key resistance zone at 609-610.
* Support Levels: 602.5, 600, 595 (watch for retracements)
* Resistance Levels: 610 (key level), 615, 620
* Volume Profile: Increased buying volume supports the breakout, but momentum slowing.
* Indicators:
* MACD: Still bullish, but momentum is flattening.
* Stochastic RSI: Overbought (>90), suggesting potential cooling-off.
📊 GEX Analysis & Options Flow
* Highest Positive GEX (Gamma Resistance): 610
* Major Call Walls: 615 (67.99%) and 620 (71.08%) – suggests resistance near these levels.
* Major Put Walls & Supports:
* 600 (-48.64%) & 595 (-49.94%) – major gamma supports
* 590 (-32.78%) – critical level for trend continuation.
* IVR: 13.3 (Low volatility conditions)
* Options Bias: PUTS 68.7% (some downside hedging)
🚀 Trade Setups
Bullish Scenario:
* Entry: Above 610 (breakout confirmation)
* Target: 615, 620
* Stop: 602
Bearish Scenario (Pullback Play):
* Entry: Below 609
* Target: 602.5, 600
* Stop: 612
🔎 Conclusion & Outlook
SPY is at a make-or-break level near 610. If it holds and pushes higher, expect a run to 615-620. However, options flow suggests hedging near 600, meaning a pullback could occur before a breakout. Monitor volume and price action closely.
⚠️ Disclaimer: This analysis is for educational purposes only and does not constitute financial advice. Always do your own research and trade responsibly.
🔍 Technical Analysis
* Trend Structure: SPY has broken out from consolidation and is trending upward, testing a key resistance zone at 609-610.
* Support Levels: 602.5, 600, 595 (watch for retracements)
* Resistance Levels: 610 (key level), 615, 620
* Volume Profile: Increased buying volume supports the breakout, but momentum slowing.
* Indicators:
* MACD: Still bullish, but momentum is flattening.
* Stochastic RSI: Overbought (>90), suggesting potential cooling-off.
📊 GEX Analysis & Options Flow
* Highest Positive GEX (Gamma Resistance): 610
* Major Call Walls: 615 (67.99%) and 620 (71.08%) – suggests resistance near these levels.
* Major Put Walls & Supports:
* 600 (-48.64%) & 595 (-49.94%) – major gamma supports
* 590 (-32.78%) – critical level for trend continuation.
* IVR: 13.3 (Low volatility conditions)
* Options Bias: PUTS 68.7% (some downside hedging)
🚀 Trade Setups
Bullish Scenario:
* Entry: Above 610 (breakout confirmation)
* Target: 615, 620
* Stop: 602
Bearish Scenario (Pullback Play):
* Entry: Below 609
* Target: 602.5, 600
* Stop: 612
🔎 Conclusion & Outlook
SPY is at a make-or-break level near 610. If it holds and pushes higher, expect a run to 615-620. However, options flow suggests hedging near 600, meaning a pullback could occur before a breakout. Monitor volume and price action closely.
⚠️ Disclaimer: This analysis is for educational purposes only and does not constitute financial advice. Always do your own research and trade responsibly.
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.