Current Price Action and Key Levels:
* Current Price: $527.62
* Immediate Resistance: $528 (Gamma Wall, 33.45% GEX at 2nd Call Wall).
* Support Levels:
* First Level: $524, aligned with the highest positive NETGEX and technical breakout support.
* Second Level: $520, serving as a pivot and HVL at 0DTE.
Trend Analysis:
* The QQQ is forming a higher low structure and a potential breakout above the $528 resistance.
* MACD is hovering above the signal line, indicating bullish momentum, though it shows slight flattening.
Indicators:
* MACD: Indicates early bullish signs but lacks strong conviction for a big move upward.
* Stochastic RSI: Currently overbought at 90+, suggesting a pullback or consolidation near resistance.
* Volume: Increasing volume supports recent upward movement.
GEX (Gamma Exposure) Insights for Option Trading
* Key GEX Levels:
* Positive Gamma: $528 (33.45% concentration, a pivotal level for call option sellers).
* Negative Gamma: Below $519, indicating potential acceleration of bearish momentum if breached.
* IVR & IVX: IVR at 12.9 and IVX average at 18.8 suggest low implied volatility, favorable for debit spreads or outright options.
* Unusual Activity: High Call GEX at $528 confirms sellers' active defense around this level.
Trade Setups
Bullish Setup:
* Entry: On a clean breakout above $528 with volume confirmation.
* Target: $532, aligning with the next key resistance.
* Stop Loss: $524, just below the first level of support and NETGEX.
Bearish Setup:
* Entry: On rejection from $528 or break below $524.
* Target: $520, then $515 if weakness accelerates.
* Stop Loss: $530, above resistance.
Conclusion and Recommendation
* Direction Bias: Neutral to Bullish.
* Watch for price action around $528; if momentum holds, potential for higher moves towards $532.
* Options Strategy:
* Bullish: Call Debit Spread targeting $528-$532.
* Bearish: Put Debit Spread targeting $524-$520 if weakness emerges.
Disclaimer: This analysis is for educational purposes only and does not constitute financial advice. Always do your research and manage risks appropriately before trading.
* Current Price: $527.62
* Immediate Resistance: $528 (Gamma Wall, 33.45% GEX at 2nd Call Wall).
* Support Levels:
* First Level: $524, aligned with the highest positive NETGEX and technical breakout support.
* Second Level: $520, serving as a pivot and HVL at 0DTE.
Trend Analysis:
* The QQQ is forming a higher low structure and a potential breakout above the $528 resistance.
* MACD is hovering above the signal line, indicating bullish momentum, though it shows slight flattening.
Indicators:
* MACD: Indicates early bullish signs but lacks strong conviction for a big move upward.
* Stochastic RSI: Currently overbought at 90+, suggesting a pullback or consolidation near resistance.
* Volume: Increasing volume supports recent upward movement.
GEX (Gamma Exposure) Insights for Option Trading
* Key GEX Levels:
* Positive Gamma: $528 (33.45% concentration, a pivotal level for call option sellers).
* Negative Gamma: Below $519, indicating potential acceleration of bearish momentum if breached.
* IVR & IVX: IVR at 12.9 and IVX average at 18.8 suggest low implied volatility, favorable for debit spreads or outright options.
* Unusual Activity: High Call GEX at $528 confirms sellers' active defense around this level.
Trade Setups
Bullish Setup:
* Entry: On a clean breakout above $528 with volume confirmation.
* Target: $532, aligning with the next key resistance.
* Stop Loss: $524, just below the first level of support and NETGEX.
Bearish Setup:
* Entry: On rejection from $528 or break below $524.
* Target: $520, then $515 if weakness accelerates.
* Stop Loss: $530, above resistance.
Conclusion and Recommendation
* Direction Bias: Neutral to Bullish.
* Watch for price action around $528; if momentum holds, potential for higher moves towards $532.
* Options Strategy:
* Bullish: Call Debit Spread targeting $528-$532.
* Bearish: Put Debit Spread targeting $524-$520 if weakness emerges.
Disclaimer: This analysis is for educational purposes only and does not constitute financial advice. Always do your research and manage risks appropriately before trading.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.