SPY Oct. 9 — Bulls Testing $674 Resistance

Eyes on Breakout Toward 676+ 🚀

SPY continues to climb within a strong ascending channel after reclaiming the $670 zone, with bullish structure confirmed through multiple BOS (Break of Structure) and CHoCH points on the 15-minute chart. Price is consolidating just below $674 — the key gamma resistance and intraday supply zone.
MACD shows solid bullish momentum with expanding histogram bars, and the Stoch RSI is elevated but still holding steady, suggesting continuation potential if buyers push through $674. A minor CHoCH printed earlier near $672.1 confirms short-term consolidation before the next leg up.
On the 1-hour chart, SPY remains in a clean uptrend, supported by strong HVL footing near $669, while the highest positive Net GEX / Gamma Wall sits at $673–$675, right where current price is testing. The range compression between $669 and $674 signals that volatility expansion could be imminent.

Support and Resistance Levels:
* Immediate Resistance: $673.72 → $675.0
* Major Resistance (Gamma Wall): $676.5 → $678.0
* Immediate Support: $672.16 → $671.0
* Key Support Zone: $669.4 → $667.5

GEX & Options Sentiment (1H GEX Chart):

* The highest positive Call Gamma concentration lies around $673–$676, forming the current resistance magnet.
* Strong Put Support remains between $665–$667, reinforcing the bullish gamma floor.
* IVR (15.4) is relatively low, suggesting stable volatility conditions; Puts at 56.8% indicate some hedging but not enough to cap upside momentum.
* As long as SPY stays above $669, dealer hedging flows favor gradual upward bias toward $676+.

Trade Scenarios:
Bullish Setup:
* Entry: Above $674 breakout
* Target 1: $676
* Target 2: $678
* Stop-Loss: Below $671.5
* Rationale: Breakout from channel top with bullish MACD momentum and supportive GEX flow could fuel a push toward higher gamma resistance zones.

Bearish Setup:
* Entry: Below $671 breakdown
* Target 1: $669
* Target 2: $667
* Stop-Loss: Above $673.5
* Rationale: A rejection at $674 with fading momentum could trigger a quick pullback to retest lower support and refill liquidity gaps.

SPY continues to trend strong with clear bullish control. A breakout above $674 could open the door to $676–$678, while staying above $669 keeps the bias upward. Traders should watch for volume confirmation on the breakout or a false move back into range.

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.
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