I'm breaking down SPY here the way I process it while flipping between daily and 1-hour charts.
Daily Timeframe: The price action is flirting right at the top of this falling wedge pattern. What catches my attention is the strength in MACD and Stoch RSI—they're both pushing hard to the upside. This isn't a weak bounce. Momentum looks real, and we're sitting just under the 555–560 resistance range, which also happens to line up with a key structure break. If we can close above this upper wedge line, bulls might get the weekly breakout confirmation.
1-Hour Chart + GEX: Now on the hourly, SPY already broke through the 550 level and hovered at 559 into the close. There’s some strong intraday buying volume confirming that breakout. But what's even more important to me is what GEX is showing—there’s a massive cluster of call walls stacked at 555 and 560. Today, the gamma flipped from neutral to green, and GEX data confirmed there's strong call exposure at 560. Meanwhile, the highest negative NETGEX put support sits deep at 545. This creates a strong upward magnet as long as we stay above 547.
Also, there’s buzz from today’s Trump investor roundtable. Headlines from that are already driving bullish sentiment, especially with tech and AI names in the mix. That political tailwind could be the final push that launches SPY through the wedge ceiling.
My Trade Plan:
* If price holds above 552, I’m watching 560+ as the upside magnet.
* Break and retest 555, I’ll consider a long scalp or debit spread targeting 560–563.
* If 547 breaks, that would be a red flag—puts might activate again and drag us toward 540.
Option Bias: With IV low and GEX sentiment flipping bullish, I prefer buying calls or verticals over selling premium. But the 560 call wall is heavy, so I’m not chasing—wait for confirmation.
This analysis is for educational purposes only and does not constitute financial advice. Always do your own research and manage risk accordingly.
Daily Timeframe: The price action is flirting right at the top of this falling wedge pattern. What catches my attention is the strength in MACD and Stoch RSI—they're both pushing hard to the upside. This isn't a weak bounce. Momentum looks real, and we're sitting just under the 555–560 resistance range, which also happens to line up with a key structure break. If we can close above this upper wedge line, bulls might get the weekly breakout confirmation.
1-Hour Chart + GEX: Now on the hourly, SPY already broke through the 550 level and hovered at 559 into the close. There’s some strong intraday buying volume confirming that breakout. But what's even more important to me is what GEX is showing—there’s a massive cluster of call walls stacked at 555 and 560. Today, the gamma flipped from neutral to green, and GEX data confirmed there's strong call exposure at 560. Meanwhile, the highest negative NETGEX put support sits deep at 545. This creates a strong upward magnet as long as we stay above 547.
Also, there’s buzz from today’s Trump investor roundtable. Headlines from that are already driving bullish sentiment, especially with tech and AI names in the mix. That political tailwind could be the final push that launches SPY through the wedge ceiling.
My Trade Plan:
* If price holds above 552, I’m watching 560+ as the upside magnet.
* Break and retest 555, I’ll consider a long scalp or debit spread targeting 560–563.
* If 547 breaks, that would be a red flag—puts might activate again and drag us toward 540.
Option Bias: With IV low and GEX sentiment flipping bullish, I prefer buying calls or verticals over selling premium. But the 560 call wall is heavy, so I’m not chasing—wait for confirmation.
This analysis is for educational purposes only and does not constitute financial advice. Always do your own research and manage risk accordingly.
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.