15-Min Chart Analysis (Intraday Trading Setup):
SPY is holding a clean ascending channel structure, consolidating near $670.66 after a mild pullback from the upper resistance zone around $672.50. This intraday pattern shows controlled bullish momentum with shallow retracements — a healthy signal for trend continuation if buyers hold the lower channel.
The MACD is cooling off with red histogram bars, indicating a short-term correction phase rather than full reversal. Stoch RSI near 17 suggests oversold territory, implying potential for a bounce from lower trendline support around $669–$670.
If SPY defends $669, it sets up a possible intraday rebound toward $672.50–$674.00. A breakout above $674 could trigger momentum buying toward $676–$678, completing the next leg of the channel. However, if SPY loses $668 with volume, it may retest $665–$664 where the next liquidity and minor gamma support reside.
1-Hour GEX Confirmation (Options Sentiment Insight):
The 1-hour GEX landscape reinforces this short-term bullish bias:
* Highest positive NETGEX / CALL wall sits at $674–$675, forming a strong gamma magnet above current price.
* Major PUT walls are clustered around $664–$665, providing sturdy downside defense.
* GEX distribution shows balanced positioning, with dealer exposure slightly net positive, suggesting controlled bullish momentum and lower volatility.
This alignment indicates a likely range expansion to the upside if SPY maintains the $669–$670 base. The gamma structure continues to compress volatility while gradually pulling price toward the $674–$675 region.
My Thoughts: SPY remains technically constructive above $669, with buyers absorbing every minor dip inside the rising channel. The setup favors a continuation play rather than breakdown — unless there’s a high-volume rejection at $672.
A sustained reclaim above $672.50 would signal that bulls are ready to retest the gamma magnet zone at $674–$675. Conversely, breaking below $668 would be the first warning of weakness, especially if accompanied by rising volume and a MACD crossover.
Momentum and gamma both point to a slightly bullish-to-neutral environment — ideal for disciplined scalps and controlled call positions rather than aggressive swings.
Options Outlook (Oct 7–11):
* Bullish setup: Consider 672C or 675C (Oct 11 expiry) if price holds above $670 and reclaims $672.50 with bullish momentum.
* Bearish setup: Consider 668P if SPY breaks below $668 with confirmed volume spike and MACD crossover.
* IV insight: IVR 15.4, IVx 13.9 — both low, making options relatively cheap for directional trades this week.
Conclusion: SPY’s trend remains orderly and bullish as long as $669 holds. Watch for a breakout above $672.50 to confirm a run toward $674–$676, with gamma levels acting as the next resistance. A drop below $668 would flip sentiment short-term bearish. Stay patient and let price action confirm the breakout direction.
Disclaimer: This analysis is for educational purposes only and does not constitute financial advice. Always do your own research and manage your risk before trading.
SPY is holding a clean ascending channel structure, consolidating near $670.66 after a mild pullback from the upper resistance zone around $672.50. This intraday pattern shows controlled bullish momentum with shallow retracements — a healthy signal for trend continuation if buyers hold the lower channel.
The MACD is cooling off with red histogram bars, indicating a short-term correction phase rather than full reversal. Stoch RSI near 17 suggests oversold territory, implying potential for a bounce from lower trendline support around $669–$670.
If SPY defends $669, it sets up a possible intraday rebound toward $672.50–$674.00. A breakout above $674 could trigger momentum buying toward $676–$678, completing the next leg of the channel. However, if SPY loses $668 with volume, it may retest $665–$664 where the next liquidity and minor gamma support reside.
1-Hour GEX Confirmation (Options Sentiment Insight):
The 1-hour GEX landscape reinforces this short-term bullish bias:
* Highest positive NETGEX / CALL wall sits at $674–$675, forming a strong gamma magnet above current price.
* Major PUT walls are clustered around $664–$665, providing sturdy downside defense.
* GEX distribution shows balanced positioning, with dealer exposure slightly net positive, suggesting controlled bullish momentum and lower volatility.
This alignment indicates a likely range expansion to the upside if SPY maintains the $669–$670 base. The gamma structure continues to compress volatility while gradually pulling price toward the $674–$675 region.
My Thoughts: SPY remains technically constructive above $669, with buyers absorbing every minor dip inside the rising channel. The setup favors a continuation play rather than breakdown — unless there’s a high-volume rejection at $672.
A sustained reclaim above $672.50 would signal that bulls are ready to retest the gamma magnet zone at $674–$675. Conversely, breaking below $668 would be the first warning of weakness, especially if accompanied by rising volume and a MACD crossover.
Momentum and gamma both point to a slightly bullish-to-neutral environment — ideal for disciplined scalps and controlled call positions rather than aggressive swings.
Options Outlook (Oct 7–11):
* Bullish setup: Consider 672C or 675C (Oct 11 expiry) if price holds above $670 and reclaims $672.50 with bullish momentum.
* Bearish setup: Consider 668P if SPY breaks below $668 with confirmed volume spike and MACD crossover.
* IV insight: IVR 15.4, IVx 13.9 — both low, making options relatively cheap for directional trades this week.
Conclusion: SPY’s trend remains orderly and bullish as long as $669 holds. Watch for a breakout above $672.50 to confirm a run toward $674–$676, with gamma levels acting as the next resistance. A drop below $668 would flip sentiment short-term bearish. Stay patient and let price action confirm the breakout direction.
Disclaimer: This analysis is for educational purposes only and does not constitute financial advice. Always do your own research and manage your risk before trading.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.