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.
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.