Spy Technical Analysis for today December 31
Technical Analysis for SPY
SPY has been trading in a consolidating downtrend, with potential support at $577 and resistance near $600. Current price action suggests a possible attempt to retest resistance or break below key support levels.
Indicators:
MACD shows signs of a slight bullish reversal, but momentum remains cautious.
The 9 EMA is attempting to cross above the 21 EMA, indicating early bullish momentum.
Key Levels to Watch
Support: $580 (critical pivot), $577 (strong floor).
Resistance: $590 (near-term), $600 (psychological and gamma resistance level).
GEX Analysis for Options
Gamma Levels:
Call Wall: $600 acts as a major resistance, with significant positive gamma exposure (48.19%).
Put Wall: $580 shows strong negative gamma pressure, indicating key support.
Options Oscillator Insights:
IVR: 16.7, reflecting moderate volatility.
Put/Call Ratio: Slight bearish tilt, with 55.8% Puts.
GEX: -57.75% at $588, highlighting increased downside pressure near this level.
Trading Scenarios
Bullish Scenario
Entry: Above $591.
Target 1: $600, Target 2: $607.
Stop-Loss: Below $588.
Bearish Scenario
Entry: Below $580.
Target 1: $577, Target 2: $572.
Stop-Loss: Above $585.
Disclaimer: This analysis is for educational purposes only and does not constitute financial advice. Always perform your due diligence and manage risks before trading.
SPY has been trading in a consolidating downtrend, with potential support at $577 and resistance near $600. Current price action suggests a possible attempt to retest resistance or break below key support levels.
Indicators:
MACD shows signs of a slight bullish reversal, but momentum remains cautious.
The 9 EMA is attempting to cross above the 21 EMA, indicating early bullish momentum.
Key Levels to Watch
Support: $580 (critical pivot), $577 (strong floor).
Resistance: $590 (near-term), $600 (psychological and gamma resistance level).
GEX Analysis for Options
Gamma Levels:
Call Wall: $600 acts as a major resistance, with significant positive gamma exposure (48.19%).
Put Wall: $580 shows strong negative gamma pressure, indicating key support.
Options Oscillator Insights:
IVR: 16.7, reflecting moderate volatility.
Put/Call Ratio: Slight bearish tilt, with 55.8% Puts.
GEX: -57.75% at $588, highlighting increased downside pressure near this level.
Trading Scenarios
Bullish Scenario
Entry: Above $591.
Target 1: $600, Target 2: $607.
Stop-Loss: Below $588.
Bearish Scenario
Entry: Below $580.
Target 1: $577, Target 2: $572.
Stop-Loss: Above $585.
Disclaimer: This analysis is for educational purposes only and does not constitute financial advice. Always perform your due diligence and manage risks before trading.
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