Alright here’s what I’m seeing:
On the 4H chart SPY still holding a bull flag / ascending triangle vibe. VIX is under 15, 10-year yields are dumping, and DXY broke down — that all leans risk-on. Options flow shows big open interest stacked around 645–647, so that area is like a magnet.
I think price probably **chops around 648 first, then bounces and tries for 655+.
3 Scenarios
🟢 Bullish:
* Hold above 648 → reclaim 651 → run toward 655–658, maybe stretch 662.
* Confirmed if tech leaders (MSFT, META, AMZN) keep pushing.
Sideways / Chop:
* Stuck between 648–651, fakeouts both ways until volume picks a side.
* Basically consolidation around that option wall.
🔴 Bearish:
* Lose 648 with momentum → flush to 643–640.
* Would need DXY/yields to reverse back up or VIX to spike.
🎯 Key Levels
* PMH 651.30
* PDH 648.06
* PDL 643.51
* Option cluster: 645–647
* Targets: 655 → 658 → 662
💡 My bias → watch the 648 zone. If buyers defend it, I’m leaning long into that 655+ move.
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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.