SPY Above 775 or Risk 765?
-
SPY: 770.82 π΄
-
Major Support: 775
-
Major Resistance: 780, then 785
Market Structure
SPY is trading below the major 775 gamma cluster, putting the market in a more cautious environment.
Dealers still have meaningful positive gamma above spot, but until 775 is reclaimed, expect resistance on rallies and higher intraday volatility.
Key Levels
π’ 775 β Primary pivot and strongest near-term gamma support/resistance. Reclaiming it shifts control back to bulls.
π’ 780 β First major upside target. Large call positioning makes this the next resistance.
π’ 785 β Strong overhead call wall with heavy positive gamma. Likely profit-taking area if reached.
π΄ 770 β Immediate support. Losing this level increases downside pressure.
Trading Plan
π’ Bull Case: Reclaim 775 β Target 780, then 785 if buyers maintain momentum.
π‘ Base Case: Choppy trading between 770β775 while dealers hedge around the pivot.
π΄ Bear Case: Lose 770 β Opens the door toward 765, with volatility increasing as dealers hedge lower.
Bottom Line
Today's key battleground is 775. SPY is currently below the primary gamma support, so bulls need to reclaim it to regain control.
Above 775, the path favors 780β785. Below 770, downside risk increases and dealer hedging can accelerate selling toward 765.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
