πŸ•΅οΈβ€β™‚οΈ I SPY 5/19 Read 🎯 πŸ”­

SPY – Bearish – Neutral

From Spot Gamma: Note that VIX expiration is this morning, which can add to the market volatility and gyrations, so we advise caution around the 9:30 EST open – there could be a β€œfake out” move.

Gamma Index: Decreased to -0.16 (ook for rapid directional changes)

Vol Trigger: Decreased to 414 (below this level = high market volatility.)

Abs Gamma Strike: Decreased to 415 (May function as a β€œmagnet” and large liquidity area.)

Gamma Notional: Decreased to -769 (stock has large put gamma position)

Put Wall Support: Increased to 410 (bullish indication.)

Call Wall Strike: Unchanged

Gamma Tilt: Decreased 0.81 (bearish signal.)

Net Delta: Increased to 209,667 (options market makers have a net long hedge)

25d risk reversal: Increased to -0.1 (traders are placing a higher price on put options.)

Topp Abs Gamma Strikes: [420, 415, 410, 400]

https://preview.redd.it/ojrl0uv8o2071.png?width=2142&format=png&auto=webp&s=b7a6693a86a03fc22864a18ca698b9430d438639

TA

  • Support at 407
  • Major support at 400
  • Bearish Pt: 405 – 404.68 – 402.81 – 400
  • Bullish Pt: 410 (resistance) – 411.03 – 412.17
  • Major resistance at 414-415.

https://preview.redd.it/ot5ixa3xp2071.png?width=3400&format=png&auto=webp&s=df6d83a6a5db163a9a1afb508ee1ef7b3a3ddba3

Side Note: With the w-shpae thesis we are near the bottom (where the w should make it way back up to complete) but we could test 400 gap fill. Just be mindful if you show bias towards this thesis.

https://preview.redd.it/j38uznoqq2071.png?width=3400&format=png&auto=webp&s=4b373c68c688334da75d356eb2c9eaf07a1419ce

Thanks for reading,

NightMan

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