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$SPY right back down to the 760 Gold GEX Channel.
Price is now re-testing this Put Wall. If buyers can't defend it, we could see further downside acceleration.
$SPY 760 is the key level to watch this morning.
$SPY has sold off into the 760 Put Wall, where $721.9M in GEX is concentrated.
There is significant negative gamma below. If $760 breaks, downside momentum could accelerate toward $755, where another major GEX concentration sits.
If we're able to push into positive gamma territory, we could see a controlled push to 766-767.
Let's see how these levels develop into the open.
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$SPY is trading around 766 in pre market, just above a key Put Wall at 765, with significant negative gamma exposure concentrated below current price.
Heavy negative gamma exposure between 764β768, while positive gamma builds above 773.
If we lose this level, downside could accelerate toward the Gold GEX Channel at 764.
Let's see how these levels shift into the open.
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$SPY is sitting near 769 with significant positive GEX overhead.
773 remains the strongest positive GEX level despite decreasing since this morning.
A break below 768 could bring the larger negative gamma concentrations at 767-765 into focus, potentially increasing volatility.
@l87722179 The Gold GEX Channel on the Chart shows the largest GEX level of the nearest expiration. The heatmap currently has the largest level at the Jan 15th expiry.