Market can sometimes feel random, and I have found it useful to gauge the key levels of SPY using various means. One category I rely a lot on is the market-makers gamma and vanna exposure levels.
Here are some of the key levels I am watching out for today, and a rough trade plan for SPY. Hope it is useful for all ya guys!
Leaning towards Bearish
With a more negative cumulative GEX on the downside, we are expecting prices to have a slight tendency towards the slide.
521 will be a key pivot level.
If price moves below 520, we can expect a strong pull towards 518-519. Depending on how the 0DTE options develops, price is likely to gyrate between 517 - 521. I'll stick to these levels and trade from these GEX green bars.
If price moves past the support of 517, I'll shoot for a take-profit between 515-516.
If we are lucky
If Lady Luck shines and price breaks above 521, I'll shoot for a near-term 522 level first. And next 525.
Gamma Exposure Levels for SPY - 13/5
Vanna Exposure Levels for SPY - 13/5
TLDR
Overall, bearish > bullish
Bearish: 521-> 519 -> 517
Bullish: 521-> 522 ----> 525
Trade safe, friends![Cool]
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