SPY Analysis: Daily & 1-Hour Chart With GEX Analysis for Dec. 17

Current Sentiment:

* SPY appears range-bound but leaning bearish near resistance on the Daily chart.
* The 1-Hour chart shows SPY retracing from its recent high around 609, struggling to hold above key support levels.

Key Technical Levels

Daily Chart:
* Resistance: 609.97 (recent high).
* Support: 602.81, 598.40.
* Trend: Uptrend intact, but momentum is stalling. Watch for a potential break below 602.

1-Hour Chart:



* Resistance: 607, 608.41 (GEX Call Wall and prior highs).
* Support: 605, 604 (key demand area), and 602.13 (next major support).
* SPY is showing lower highs on the hourly chart, indicating a short-term bearish bias.

Options Gamma Exposure (GEX)



* Call Wall: 608 (2nd Wall) and 611 (upper wall).
* Put Wall: 604 (3rd PUT Wall).
* HVL (High Volatility Level): 603, suggesting potential support if tested.

* GEX Overview:
* Puts dominate with 40.2%, showing hedging pressures.
* IVR (Implied Volatility Rank): 10.8, IVx avg 12.9% – lower volatility indicates slower moves.

Scalp and Swing Trade Suggestions
For Scalp Trade:
* Short Bias: If SPY fails to reclaim 607, consider a PUT scalp targeting 605.
* Entry: Below 607 with confirmation.
* Target: 605, 604.
* Stop-Loss: Above 608.50.

For Swing/Day Trade:
* Put Option:
* Strike: 605 PUT (Weekly Expiry).
* Entry: On rejection at 607-608 levels.
* Target: 602-604 zone.
* Stop-Loss: Above 609.
* Call Option:
* Strike: 608 CALL if SPY breaks and holds above 608.
* Target: 611-612 zone.
* Stop-Loss: Below 606.

Conclusion:
SPY is showing signs of weakness near resistance, with a short-term bearish setup. A rejection at 607-608 could trigger PUT opportunities toward 602-604. Keep an eye on the 603 HVL for potential support and monitor price action carefully.

Disclaimer: This analysis is for educational purposes only and does not constitute financial advice. Always perform your own research and manage your risk before trading.