SPY: Key Levels and Market Outlook for February 20, 2025
Market Structure & Price Action
SPY remains within an ascending channel, showing resilience around the 612.30-612.90 zone. The price structure suggests a potential breakout or rejection at resistance.
* Support Levels:
* 609.60-610.00 (key short-term support)
* 608.37 (potential breakdown trigger)
* Resistance Levels:
* 613.23 (local high & key breakout level)
* 615.00+ (potential upside target if momentum continues)
GEX & Options Flow Analysis
* Call Wall: 615 & 620
* Put Support: 598-605
* Put Sentiment: 83.4% (indicating downside hedging, but could fuel upside if trapped sellers unwind)
* IV Rank: 15.2 (relatively low volatility, suggesting a breakout move could be sharp)
Possible Scenarios
✅ Bullish Breakout: If SPY holds above 612.50-613, a move towards 615-620 could be in play.
🚨 Bearish Breakdown: Losing 609.60-610.00 would expose SPY to deeper pullbacks toward 605-600.
Final Thoughts
The market is at a key inflection point. Monitor volume and price reactions at 613 and 610 for directional confirmation. If momentum builds, SPY could extend toward 615, but failing to hold 610 could shift sentiment bearish.
SPY remains within an ascending channel, showing resilience around the 612.30-612.90 zone. The price structure suggests a potential breakout or rejection at resistance.
* Support Levels:
* 609.60-610.00 (key short-term support)
* 608.37 (potential breakdown trigger)
* Resistance Levels:
* 613.23 (local high & key breakout level)
* 615.00+ (potential upside target if momentum continues)
GEX & Options Flow Analysis
* Call Wall: 615 & 620
* Put Support: 598-605
* Put Sentiment: 83.4% (indicating downside hedging, but could fuel upside if trapped sellers unwind)
* IV Rank: 15.2 (relatively low volatility, suggesting a breakout move could be sharp)
Possible Scenarios
✅ Bullish Breakout: If SPY holds above 612.50-613, a move towards 615-620 could be in play.
🚨 Bearish Breakdown: Losing 609.60-610.00 would expose SPY to deeper pullbacks toward 605-600.
Final Thoughts
The market is at a key inflection point. Monitor volume and price reactions at 613 and 610 for directional confirmation. If momentum builds, SPY could extend toward 615, but failing to hold 610 could shift sentiment bearish.
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.