SPY Breaks Out of Pin, Eyes 710 as Gamma Structure Shifts
$SPDR S&P 500 ETF Trust(SPY)$ is now at 706 and positioning has shifted from pin to expansion.
Here’s the clean read.
Net GEX is +10.60B.
Still positive, still long gamma, but no longer extreme.
This allows price to move with direction instead of being stuck.
707–708 is now the dominant zone.
You can see heavy positive GEX stacking here. This becomes your new magnet and control area.
Below, 700–702 is your key support band.
You can clearly see negative GEX sitting under price. If this breaks, moves can accelerate lower toward 697.
Above, 710 is the next level building.
Strong positioning there means if momentum continues, price can push quickly into that zone.
3 scenarios:
Most likely: slight bullish continuation, range between 705–708 with upward bias.
Bull case: hold above 706–707, push into 708, then test 710.
Bear case: lose 705 and especially 702, quick move down to 700–697.
Key levels:
Support: 705, then 702–700
Resistance: 708, then 710
What’s different now:
We’ve moved from a hard pin at 700 to expansion above it.
This is early trend continuation, not chop.
Best setups:
Buy dips into 705–706 if it reclaims and holds.
Or wait for a clean break and hold above 708 for continuation.
Avoid chasing extended candles. Let price come to you.
707 is control.
710 is the target.
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