I SPY – 5/18

SPY – Neutral

Gamma Index: Decreased to -0.06 (expect low volatility)

Vol Trigger: Decreased to 415 (above this level = lower volatility and a more stable stock price.)

Abs Gamma Strike: Unchanged

Gamma Notional: Decreased to -296 (stock has a put gamma position but has been declining)

Put Wall Support: Unchanged

Call Wall Strike: Decreased to 420 (considered bearish when rolled lower)

Gamma Tilt: Decreased to .91 (when decreasing it’s a bearish signal.)

Net Delta: Decreased to 203,772 (options market makers have a net long hedge but is on the decline)

25d risk reversal: Decreased to -0.08 (traders are placing a higher price on put options.)

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

https://preview.redd.it/qkaa6r32pvz61.png?width=2150&format=png&auto=webp&s=370e4d948ee6fafbccc343b287650a9cad1945fd

TA Notes:

  • Bulls need to keep it above 415
  • Look for some resistance around 417-418
  • Major residences at 420
  • Bears need to. hold 417-418 and then plow through 415 support
  • Bullish pt: 419.29 – 420 – 421.20 – 422.71
  • Bearish pt: 413.67 – 412.49 – 411 – 410

https://preview.redd.it/5vyu5sbmpvz61.png?width=2790&format=png&auto=webp&s=99b0e1dd517f8ea88b7cbbed667de63f9441d7e9

1D Timeframe Note

  • Tested bottom range of gap fill for support.
  • If it fails we may see the second half of the w-shape recovery form. We could see a few days of downside if we close below 415 IMO.

https://preview.redd.it/jnkqyjgvqvz61.png?width=2790&format=png&auto=webp&s=e7b1931b940f6b81ca64809b24cd66eb8e002b6e

Thanks for reading,

NightMan

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