Technical Analysis (TA) & Key Levels
SPY is currently testing the upper trendline resistance around $570, indicating a breakout attempt from the recent downtrend. A successful break above this level could lead to further bullish momentum toward $573 - $583, aligning with the 7.97% CALL Resistance.
However, failure to sustain above $570 may trigger a pullback to $560, where put support exists, acting as a critical demand zone.
* Immediate Resistance: $570 - $573
* Breakout Target: $583 - $594
* Support Levels: $560, $549
Price Action & Market Structure
* A Break of Structure (BOS) is visible at $570, indicating a shift in momentum.
* The Change of Character (ChOCH) signaled a trend reversal, with buyers stepping in from the $555 - $560 range.
* The MACD is turning bullish, confirming positive momentum.
* Stochastic RSI suggests SPY is nearing overbought conditions—watch for potential profit-taking.
GEX & Options Sentiment
* HVL (High Volume Level) at $570T - Indicates a crucial battleground for price action.
* PUT Walls: $560 (highest negative NETGEX) – Strong support where buyers might step in.
* CALL Walls: $583, $594 – Targets if momentum sustains.
* GEX: Bearish bias with PUTs at 77.3%, indicating hedging pressure remains.
Trading Plan & Recommendation
📌 Bullish Setup:
* Enter on a confirmed breakout above $570, targeting $573-$583.
* Stop-loss: Below $567.
📌 Bearish Setup:
* A rejection at $570 can lead to a retest of $560.
* Stop-loss: Above $573.
Final Thoughts
SPY is at a critical inflection point. Watch for volume confirmation and options flow before committing to a direction. A decisive move above $570 opens room for upside, but a rejection could signal downside pressure toward $560.
📢 Disclaimer: This analysis is for educational purposes only. Always conduct your own due diligence and manage risk accordingly. 🚨
SPY is currently testing the upper trendline resistance around $570, indicating a breakout attempt from the recent downtrend. A successful break above this level could lead to further bullish momentum toward $573 - $583, aligning with the 7.97% CALL Resistance.
However, failure to sustain above $570 may trigger a pullback to $560, where put support exists, acting as a critical demand zone.
* Immediate Resistance: $570 - $573
* Breakout Target: $583 - $594
* Support Levels: $560, $549
Price Action & Market Structure
* A Break of Structure (BOS) is visible at $570, indicating a shift in momentum.
* The Change of Character (ChOCH) signaled a trend reversal, with buyers stepping in from the $555 - $560 range.
* The MACD is turning bullish, confirming positive momentum.
* Stochastic RSI suggests SPY is nearing overbought conditions—watch for potential profit-taking.
GEX & Options Sentiment
* HVL (High Volume Level) at $570T - Indicates a crucial battleground for price action.
* PUT Walls: $560 (highest negative NETGEX) – Strong support where buyers might step in.
* CALL Walls: $583, $594 – Targets if momentum sustains.
* GEX: Bearish bias with PUTs at 77.3%, indicating hedging pressure remains.
Trading Plan & Recommendation
📌 Bullish Setup:
* Enter on a confirmed breakout above $570, targeting $573-$583.
* Stop-loss: Below $567.
📌 Bearish Setup:
* A rejection at $570 can lead to a retest of $560.
* Stop-loss: Above $573.
Final Thoughts
SPY is at a critical inflection point. Watch for volume confirmation and options flow before committing to a direction. A decisive move above $570 opens room for upside, but a rejection could signal downside pressure toward $560.
📢 Disclaimer: This analysis is for educational purposes only. Always conduct your own due diligence 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.