SPY at a Critical Level! Key Trade Setups for This Week

🚀SPY has pushed into a strong resistance zone near 609-610, with a breakout attempt forming. The overall structure suggests a bullish continuation, but options flow data reveals hedging activity, which could lead to short-term pullbacks.

🔍 Technical Analysis
* Trend Structure: SPY has broken out from consolidation and is trending upward, testing a key resistance zone at 609-610.
* Support Levels: 602.5, 600, 595 (watch for retracements)
* Resistance Levels: 610 (key level), 615, 620
* Volume Profile: Increased buying volume supports the breakout, but momentum slowing.
* Indicators:
* MACD: Still bullish, but momentum is flattening.
* Stochastic RSI: Overbought (>90), suggesting potential cooling-off.

📊 GEX Analysis & Options Flow

* Highest Positive GEX (Gamma Resistance): 610
* Major Call Walls: 615 (67.99%) and 620 (71.08%) – suggests resistance near these levels.

* Major Put Walls & Supports:
* 600 (-48.64%) & 595 (-49.94%) – major gamma supports
* 590 (-32.78%) – critical level for trend continuation.
* IVR: 13.3 (Low volatility conditions)
* Options Bias: PUTS 68.7% (some downside hedging)

🚀 Trade Setups
Bullish Scenario:
* Entry: Above 610 (breakout confirmation)
* Target: 615, 620
* Stop: 602
Bearish Scenario (Pullback Play):
* Entry: Below 609
* Target: 602.5, 600
* Stop: 612

🔎 Conclusion & Outlook
SPY is at a make-or-break level near 610. If it holds and pushes higher, expect a run to 615-620. However, options flow suggests hedging near 600, meaning a pullback could occur before a breakout. Monitor volume and price action closely.

⚠️ Disclaimer: This analysis is for educational purposes only and does not constitute financial advice. Always do your own research and trade responsibly.