SPY Multi-Timeframe Breakdown (Weekly → 15m) + GEX for Nov. 24

SPY Multi-Timeframe Breakdown (Weekly → 15m) + GEX & Options Plan
Let’s take a look across all timeframes to see what SPY wants to do next.

🟩 Weekly (1W) – Big Picture
On the weekly, SPY is still in a bullish long-term uptrend, riding that rising channel since 2024.
But right now price is:
✅ at the top of the channel
✅ inside weekly supply (red zone)
✅ showing rejection wicks
This is usually where big money:
* takes profit
* hedges
* slows momentum
* waits for a better entry
Most likely move on the weekly:
👉 pullback or sideways consolidation first
Weekly still bullish overall, but this location is a “late long” zone.
Key levels:
* 665–670: upside rejection area
* 649–652: first support
* 613–620: stronger demand if selling continues

🟥 Daily (1D) – Structure Shift

Daily chart shows more weakness:
* CHoCH + BOS down
* lower high forming
* rejection from daily supply
* back inside the channel mid-range
This suggests:
👉 short-term bearish momentum
👉 buyers waiting lower
Daily demand zones:
* 652–655 (current defense)
* 640–645 (next liquidity)
* 613–620 (major demand)
If buyers can’t defend 652, daily structure continues lower.

🟨 1-Hour (1H) – Intraday Trend

1H trend is still bearish until proven otherwise.
We have:
* descending channel
* multiple BOS down
* failed retest of supply
* sellers stepping in around 666–668
Short-term view:
As long as SPY stays below 666–668, sellers control intraday momentum.
Bullish shift ONLY if:
✅ break above 668
✅ hold above it
Otherwise, continuation toward 652–650 is possible.

🟦 15-Minute (15m) – Micro View

15m shows the first signs of stabilization:
* CHoCH up
* retest of trendline
* small range forming
This is where scalpers usually try:
* quick longs off support
* but targets stay small
If 15m breaks back below:
650–652 → momentum shifts right back bearish.

🧲 GEX (Options Positioning)

This is the important part.
GEX levels tell us where price is likely to move next because dealers hedge.
Key takeaways:
🔻 Highest negative GEX / PUT support: 650
🔻 Additional support walls: 645, 640, 634
As long as SPY stays above 650:
👉 downside moves get absorbed
👉 volatility stays controlled

🔺 CALL walls:
664
668
675
These act as resistance magnets.
Meaning:
SPY can bounce into 664–668, but dealers will hedge against upside past 668, making it tough to break through.

✅ GEX Bias
Neutral → Bearish
* Below 668 = sellers comfortable
* Above 668 = momentum flips bullish quickly
* Below 650 = volatility spike and acceleration lower

📈 Options Trading Thoughts (Recommendation)
Based on:
* weekly supply
* daily CHoCH down
* 1H bearish structure
* GEX resistance
Best option approach:
✅ credit spreads
✅ bearish bias until 668 breaks
Example:
* Sell 675c / Buy 680c (bear call spread)
OR
* Sell 650p / Buy 645p (put spread) if price holds 652
Directional calls are lower probability unless:
✅ SPY breaks 668
✅ holds above it

✅ Summary
* Weekly still bullish trend, but in resistance
* Daily showing lower structure
* 1H bearish until 668 breaks
* 15m trying to base
* GEX supports selling below 668
* 650 is the key downside level this week
My view:
👉 Likely bounce attempts
👉 but sellers reload around 664–668
👉 unless bulls break 668 with strength

📌 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.