1-Hour Chart Technical View
SPY remains inside an upward channel, but the 1-hour chart shows a slight cooling. After peaking near $662.5, price is consolidating just above $660. MACD momentum has faded and Stoch RSI is in oversold territory, signaling a pause with potential for either a bounce or a deeper retest.
* Immediate Support: $659–$660 (current demand and channel midline)
* Major Support: $652 and $647 (trend and high-volume zones)
* Upside Zone: $662.5–$665 (channel top and key resistance) with $670 as the next major extension
The 9 EMA is still above the 21 EMA, which keeps the bullish structure alive as long as $659 holds.
GEX & Options Flow
Gamma positioning suggests mixed but constructive flows:
* Call Walls: $662.5 (strongest call resistance), $665, and $670.
* Put Walls: $652 and $641 are significant downside hedges.
* GEX Bias: Put gamma remains high at ~80.3%, while IVR is around 14.6 (IVx ~16.1). This signals a market braced for hedging but with moderate volatility expectations.
Such a setup typically leads to contained price action unless $659 breaks decisively.
Trade Thoughts & Suggestions
* Swing Idea: Buy dips near $659–$660 with a stop below $652, targeting $662.5–$665 and possibly $670.
* Scalp Idea: Quick bounce plays off $659 or a breakout scalp if $662.5 is reclaimed on strong volume.
* Bearish Scenario: A clean break under $652 could trigger a fast slide toward $647 and $641.
Quick Take
SPY is consolidating after a strong run. For Sept 17, the $659–$660 zone is critical. Holding it favors another push toward $662.5–$665; losing it opens lower supports.
Disclaimer: This analysis is for educational purposes only and does not constitute financial advice. Always do your own research and manage risk before trading.
SPY remains inside an upward channel, but the 1-hour chart shows a slight cooling. After peaking near $662.5, price is consolidating just above $660. MACD momentum has faded and Stoch RSI is in oversold territory, signaling a pause with potential for either a bounce or a deeper retest.
* Immediate Support: $659–$660 (current demand and channel midline)
* Major Support: $652 and $647 (trend and high-volume zones)
* Upside Zone: $662.5–$665 (channel top and key resistance) with $670 as the next major extension
The 9 EMA is still above the 21 EMA, which keeps the bullish structure alive as long as $659 holds.
GEX & Options Flow
Gamma positioning suggests mixed but constructive flows:
* Call Walls: $662.5 (strongest call resistance), $665, and $670.
* Put Walls: $652 and $641 are significant downside hedges.
* GEX Bias: Put gamma remains high at ~80.3%, while IVR is around 14.6 (IVx ~16.1). This signals a market braced for hedging but with moderate volatility expectations.
Such a setup typically leads to contained price action unless $659 breaks decisively.
Trade Thoughts & Suggestions
* Swing Idea: Buy dips near $659–$660 with a stop below $652, targeting $662.5–$665 and possibly $670.
* Scalp Idea: Quick bounce plays off $659 or a breakout scalp if $662.5 is reclaimed on strong volume.
* Bearish Scenario: A clean break under $652 could trigger a fast slide toward $647 and $641.
Quick Take
SPY is consolidating after a strong run. For Sept 17, the $659–$660 zone is critical. Holding it favors another push toward $662.5–$665; losing it opens lower supports.
Disclaimer: This analysis is for educational purposes only and does not constitute financial advice. Always do your own research and manage risk before trading.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.