SPY 30-Minute Trading Session Tomorrow-Jan 29Trend: Consolidating in an upward channel.
Resistance: $610.78 (key), $604.50 (minor).
Support: $599.37 (mid-channel), $589.78 (bottom).
Indicators: MACD shows mild bullish momentum.
Stochastic RSI suggests oversold conditions.
Scenarios:
Bullish: Entry above $604.50, target $610.78, stop-loss $602.
Bearish: Entry below $599.37, target $589.78, stop-loss $601.50.
Note: Watch for potential market open volatility; request updates if needed.
GEX sentiment zones:
Key Observations:
1. Transition Zone (Blue Box):
* The current price is trading within the Transition Zone (~$600 to $610). This area indicates mixed GEX sentiment, where the price is likely to remain range-bound until it breaks decisively above or below.
2. Mildly Bullish Zone (Green Box):
* Above $610, the green zone extends toward the CALL resistance at $615 and ultimately toward $620.
* A breakout above $610 suggests bullish momentum with a target around $615. If momentum is strong, a gamma squeeze could push it toward $620.
3. Mildly Bearish Zone (Red Box):
* Below $600, the price enters the red zone, with PUT support around $595.
* A breakdown below $600 would likely target $595 as the next stop. A break below $595 could lead to further bearish pressure down to $590 or the extreme bearish zone.
4. Extreme Zones:
* Extreme Bullish Zone: Beyond $620, indicating a strong gamma squeeze.
* Extreme Bearish Zone: Below $590, signaling a potential negative gamma squeeze with increased volatility.
5. Options Oscillator:
* The IVR (Implied Volatility Rank) is 17.6, indicating low relative volatility.
* The GEX is predominantly positive (61% CALLs), slightly favoring bullish sentiment, but the proximity to the Transition Zone means caution is needed until a decisive breakout.
Trading Plan for Tomorrow:
Bullish Scenario:
* Entry Trigger: If SPY breaks and holds above $610.
* Targets:
1. $615 (Initial CALL resistance).
2. $620 (Extreme Bullish Zone boundary).
* Stop Loss: Below $608 (inside the Transition Zone to avoid false breakouts).
* Strategy: Look for increased volume and momentum as confirmation. Scale out at $615 and $620.
Bearish Scenario:
* Entry Trigger: If SPY breaks and holds below $600.
* Targets:
1. $595 (First PUT support).
2. $590 (Extreme Bearish Zone boundary).
* Stop Loss: Above $602 (to manage risk within the Transition Zone).
* Strategy: Monitor for a breakdown with significant selling pressure. Scale out at $595 and $590.
Scalping Suggestions:
1. Use the 1-minute and 5-minute timeframes for precision entries around $600 (key pivot).
2. Watch the volume and price behavior near $610 or $600:
* Consolidation near $610 could lead to a breakout (go long).
* Rejection at $600 could lead to a breakdown (go short).
3. Avoid trades within the Transition Zone ($600–$610) unless you see clear momentum.
Key Levels to Watch:
* Resistance: $610, $615, $620.
* Support: $600, $595, $590.
