SPX Thursday June 11
Iran war and Strait of Hormuz tape is the main thing today. Macro can override the map at any moment
SpaceX IPO prices after close tonight. Trades tomorrow under SPCX. Largest IPO in history. Friday tape will not be normal
20D EMA 7425.77 and 20D SMA 7471.84 are the upside caps if bulls find footing
Crack 7200 and the path opens to 7180 then 7150
Trade smaller
Not financial advice. For education only.
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Tuesday looking like more chop into CPI. Bears couldn't push through 7400 Monday and bulls couldn't reclaim 7470. Both sides exhausted. Need to reclaim 20D EMA and SMA to push further up.
Pivot 7425. Trigger 7470. Chop 7400 to 7460.
Upside. First gate is 7450 the 20D EMA. Bulls need to reclaim it. Next is 7460 the chop top which must hold for further up. Then 7470 trigger and 7480 the 20D SMA. Both need to break and hold or no upside. Fail at any gate and back into chop.
Downside. Lose 7425 pivot and 7415 fuel down opens. 7400 chop bottom catches(hopefully it may try to hold in case of any flush) then 7385 Friday close area. 7375 strong support. Only if 7375 breaks look below. 7370 trapdoor biggest fuel down on map. 7350 major support catches.
Caution and critical levels to reclaim:
20D EMA 7448.36 critical support.
20D SMA 7479.85 critical resistance.
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Monday June 8 setup. Bears flushed Friday on hot NFP. Iran headline keeps oil bid into the open.
Pivot 7445. Trigger 7470. Chop 7400 to 7445. 7400 the bull/bear line.
Upside. Clear 7445 pivot first. Then 7470 trigger. Above 7470 the 7475/7500 fuel up accelerates toward 7515/7525 and 7540 wall. Only if 7470 cross and hold look above.
Respect chop zone.
Downside. Lose 7400 trapdoor opens. 7385 Friday close area catches. 7375 fuel down. Only if 7375 breaks look below. 7350 major trapdoor. 7325 mega support biggest put on map.
Careful at these technical levels.
20 Day EMA 7452.84
20 Day SMA 7479.51
Whale flow notes:
Bought puts.
SMH 530P June 12
SMH 550P June 12
IWM 275P June 30
JPM 285P July 17
MTUM 310P July 17
Sold puts.
AMD 390P July 2
NVDA 185P July 2
Read. Hedging broader market and rotation. Bullish AI leaders.
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NFP day. 7600 the pin gravity. Pivot 7550.
Upside: 7570/75 trigger → 7585 Thursday close → 7600 where sellers step in.
Only if 7600 cross and hold look for above. 7622 the ATH zone next.
Downside: lose 7540 → 7530 trapdoor → 7525 catches → 7515 Thursday low.
Only if 7515 breaks look for below levels. 7485 then 7475 if NFP shocks.
NFP 8:30 AM ET.
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Bears still in control after Wednesday's flush.
7555 the Wed close acts as resistance until reclaimed.
7565 the bullish trigger. No upside target unless we break here.
Base case: chop 7515 to 7545. Pivot 7525.
7510 the strong support and bull/bear line below. Lose it and 7500 fuel down opens to 7490/85.
Jobless Claims + Barkin 8:30am. NFP Friday. Macro week. Trade smaller.
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Every session bringing a fresh ATH. Are we going to see another one today?
Base case: chop between 7580 and 7630. Lean stays up while 7595 holds.
7625 watch area into the 7630 wall. Clear and hold and 7645/48 is the likely top.
7580 strong support and bull/bear line below. Lose it and 7555 fuel pulls into 7550.
ISM Services 10am is the catalyst.
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SPX 7585 spot and pivot.
Base case: stays above 7570 with chop between 7570 and 7600.
Upside test 7623, biggest wall on the board. High odds of rejection at 7623/7620.
7600 first resistance. Clear it and 7610 then 7615 fuel pocket into the 7623 wall.
7570 is the massive support and bull/bear line below. Hold it and the lean stays up.
JOLTs 10am the only data print today.
Not financial advice. Verify all levels before trading.
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Quick levels from the vacation.
7550 7575 7588 7603 7618 7626 7635 7641
7550 is the line to hold. 7600 is the intraday pivot. 7635/41 levels to watch on the upside. Positioning can shift later in the session.
Worst case if 7550 breaks they may try 7525 or 7519 but chances are low so watch 7550 closely to hold.
Good luck.
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$SPX - Feels like we could close somewhere around 7510 to 7530 today. My guess would be near 7515, though it may still be a bit early to call. Just sharing my view. No guarantees and definitely not financial advice.
What’s your take on this ?
SPX PCE day setup.
Base case: range bound 7485 to 7530.
Pivot 7495.
Push higher and 7573 is the major test up top.
7475 strong support, 7450 trapdoor below.
PCE 8:30am is the catalyst.
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SPX 7540 spot. Right at Tuesday's failed high.
Clear 7540 and the 7550-7565 fuel zone opens to 7575 then 7590.
Reject here and back into 7530 wall(watch area) then 7520 pivot.
7490 is the bull/bear line if 7500 breaks.
7475 strong support below.
PCE 8:30am tomorrow is the catalyst.
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Wednesday May 27 2026 | SPX 7519.12
SPX closed 7519.12 Tuesday up 45.65 points. Gap up open 7511.79 on the Iran/Hormuz tailwind, ran to 7539.09 testing the 7540 wall, low 7501.10 held the 7500 chop floor we called out in Tuesday morning battlefield, faded into close just above the previous all time high area. Tech-led rally with Nasdaq up 1.19 percent, Russell up 1.79 percent, Dow down 0.23 percent. Micron joined the 1 trillion club after a 19 percent rip, its best day since 2011, with UBS tripling its price target to 1625. The SOX index closed its 32nd record of the year. VIX added 0.31 points to 17.01, up 1.86 percent on the day. Option prices rose across every expiration despite the SPX rip. Investors bought protection on the way up. Zscaler ZS posted strong Q3 beats after the close but cut full year free cash flow margin guidance hard, stock down 20 percent in after hours. Wednesday brings earnings reports with CRM, MRVL, SNOW, SNPS, BRZE all stacked after market close. PCE Thursday at 8:30am is the catalyst.
THE NUMBERS
SPX Close: 7519.12 | Tuesday Range: 7501.10 / 7539.09
VIX: 17.01 | VIX9D: 14.84 | VVIX: 89.55
Daily 1SD: +/- 70 (7449 to 7589)
Weekly 1SD: +/- 177 (7342 to 7696)
ATR 5-day: +/- 50.6 pts
ATR 14-day: +/- 47.8 pts
Regime: 58% SQUEEZE | Top GEX magnet: 7470
Straddle Wed 5/27: +/- 37 (7482 to 7556)
Straddle Thu 5/28: +/- 56 (7463 to 7575)
Straddle Fri 5/29: +/- 72 (7447 to 7592)
ECONOMIC EVENTS, WEDNESDAY 5/27
04:00 AM ET. FED speaker Logan
08:15 AM ET. ADP Employment Change Weekly (NFP preview)
10:00 AM ET. Richmond Fed Manufacturing Index May
01:00 PM ET. 5-Year Note Auction
EARNINGS, WEDNESDAY 5/27 (Implied Moves)
Pre-market: PDD (5.58%), CPRI (14.44%)
After market close: CRM (7.38%), MRVL (11.55%), SNOW (11.51%), HPQ (8.95%), NTNX (13.82%), P (15.64%), BRZE (19.52%), SNPS
CRM is the mega cap market mover and the cleanest SaaS read. SNOW is the cloud data play. MRVL is AI infrastructure semis trading on the Micron memory narrative. SNPS is chip design EDA. BRZE has the biggest implied move on the slate. ZS got crushed 20 percent after hours on margin guidance cuts despite beating top and bottom. The bar for SaaS names just got higher. Beats are not enough for CRM and SNOW, guidance must hold. MRVL and SNPS trade their own narratives. If CRM gaps hard either way, Thursday opens into PCE 8:30am with thinner liquidity.
THE VOL PICTURE
VIX added 0.31 points Friday into Tuesday on a 45 handle SPX rip. VIX9D 14.84 sits suppressed, front end vol compressed. The internals tell the story. Sticky Strike (0.40), Parallel Shift +0.70, Put Skew (0.08), Call Skew (0.02), Downside Convexity +0.03, Upside Convexity +0.08. Total +0.31 matches the VIX delta exactly.
Parallel Shift dominated. The whole curve lifted across strikes. That is genuine sentiment change, not a mechanical compression artifact. Sticky Strike negative 0.40 partially offset, vol on existing strikes came in as price rose. Upside Convexity at +0.08 beat Downside +0.03 on a percentage basis, meaning upside wings got bid more than the put wing. FOMO chase signal on the AI memory rip. Hedgers also bought broad protection.
Front end IV picked up across the chain. The shortest dated option went from 10.95 percent at Friday 5/22 close to 12.13 percent at Tuesday close. Traders paid up 1.18 vol points for near-term exposure into PCE Thursday. SPX ATM IV at 12.2 percent versus 1-month realized 10.5 percent means traders are paying premium for short-dated vol.
Downside protection still costs more than upside. The Wednesday option chain shows IV at the 7385 strike at 18.30 percent against the 7585 strike at 11.21 percent. That is a 7 percentage point spread across 200 points. Downside puts carry the macro risk premium. Upside calls remain low cost into the heaviest resistance at 7590.
VVIX 89.55 sits suppressed well below the 100-110 normal range and VIX9D 14.84 stays compressed. Low VVIX means traders are not paying up for vol-of-vol, no big VIX spike priced in. Selling premium works if the range holds. Anyone short downside puts is paying for PCE risk. Anyone short upside calls is safe until 7590 breaks.
WHAT HAPPENED TUESDAY
Tuesday opened 7511.79, 38 points above Friday's close 7473.47. Asia overnight set the tone with Nikkei tagging 65000 for the first time and oil dropping more than 5 percent on Strait of Hormuz reopening hopes from Trump's Saturday Truth Social post. SPX climbed early to 7539.09, just shy of the 7540 wall we flagged in Tuesday morning battlefield, then faded back to 7501.10 testing the 7500 chop floor also called out, then recovered to close 7519.12. Both the upper resistance and lower support held exactly where the map called them. Day range 38 points, well inside the daily straddle of 56.
The session was tech-led. Nasdaq up 1.19 percent, Russell up 1.79 percent, Dow down 0.23 percent. Micron ripped 19 percent to top 1 trillion in market cap, its 28th record high of the year and best daily return since November 2011. UBS tripled its price target to 1625 calling Micron a structural AI memory play. Micron has surged nearly 180 percent since the March 30 market low, adding 650 billion in market value. The SOX index closed its 32nd record of the year. NVDA finished slightly red at 214.86 down 0.22 percent, the AI rotation moved beyond NVDA into memory and infrastructure.
Iran headlines stayed live. Secretary Rubio told reporters Tuesday morning that any deal will "take a few days" as new clashes erupted around the Strait of Hormuz, with US strikes counteracting Iranian boats attempting to emplace mines. Brent and WTI bounced back to between 90 and 100 per barrel. Analysts started using the term "Hormuz Hangover" with Wolfe Research saying inventory rebuilding will stretch into 2027 and AGF Investments saying the timeline is "measured in quarters and years."
Zscaler ZS finished the regular session up 1.22 percent at 184.59, then reported Q3 earnings after the bell and got destroyed in after hours trading. EPS came in at 1.08, beating estimates by 7 cents. Revenue 850.48M topped the 835.55M estimate. The beats did not matter. Full year free cash flow margin guidance got cut to 22.8 to 23.3 percent from 26.5 to 27 percent. Stock currently trading 146.80, down 20.45 percent from the close. That is a 38 point drop on a beat.
WHAT THIS MEANS FOR WEDNESDAY
Above spot 7525 is the first test. Clear 7525 and 7530 is the next resistance. Above 7530 the 7540 to 7550 zone is fuel up that accelerates the move higher. 7565 is small resistance, then 7575 is the real resistance below the heaviest wall at 7590. 7590 caps the actionable zone for Wednesday.
Below spot 7515 is the first support. Lose 7515 and 7500 is the next real test. Lose 7500 and 7490 catches with small support. Below 7490 the 7480 to 7475 zone holds with strong support stacked. 7475 is the strong support level on the map.
Trapdoor sits at 7470. Lose 7475 and 7470 accelerates the slide to 7460 first catch then 7450 which is the biggest single put support on the map. 7450 is the line for the day below.
PCE Thursday is the catalyst. Wednesday is bridge positioning. After hours earnings from CRM, MRVL, SNOW set Thursday open tone before the 8:30am data. Don't fight the long gamma squeeze unless cash gaps outside the daily straddle.
THE LEVELS
🔴 7590 heaviest resistance above spot
🔴 7575 resistance
🔴 7565 small resistance
⚡ 7550 fuel up if breaks above
⚡ 7540 fuel up if breaks above, Tuesday failed area
🔴 7530 resistance
🟡 7525 reference, watch for hold or fail
🟡 7519 spot
🟢 7515 support
⚡ 7510 fuel down if breaks below
🟢 7500 strong support, Tuesday low area
🟢 7490 support
🟢 7480 support
🟢 7475 strong support, key level
⚡ 7470 fuel down if breaks below, trapdoor trigger
🟢 7460 first support below trapdoor
🟢 7450 dominant floor, biggest put support on map
IF THEN
🔼 IF SPX holds 7519
THEN 7525 -> 7530 -> 7540 fuel up
7525 is first level above. Clear 7530 and the 7540 to 7550 fuel zone accelerates higher. Watch 7540 carefully, it failed on Tuesday.
🔼 IF SPX clears 7550
THEN 7565 -> 7575 -> 7590
7565 is small resistance. 7575 is the real resistance. 7590 is the heaviest resistance above spot.
🔽 IF SPX loses 7519
THEN 7515 -> 7500 -> 7475
7515 is the first support. 7500 is the next test. 7475 is strong support.
🔽 IF SPX loses 7475
THEN 7470 -> 7460 -> 7450
7470 is trapdoor accelerator. 7450 is the biggest floor on the map and the line for the day.
THURSDAY PREVIEW
Thursday May 28 is the week's main event. Core PCE MoM and YoY, headline PCE MoM and YoY, Personal Income, Personal Spending, GDP 2nd estimate, Jobless Claims, Durable Goods all stacked at 8:30am pre-market. Core PCE expected 0.3 percent MoM and 3.3 percent YoY. Headline expected 0.5 percent MoM and 3.9 percent YoY. Fed Williams speaks at 8:55am right after the print. New Home Sales 10am secondary. EIA Crude Oil Stocks at 12pm matters with Iran/Hormuz still live and oil bouncing back to 90-100. 7-Year Note Auction at 1pm sets the long duration rates tone after Wednesday's 5-Year. After market close stacks DELL 10.01 percent on top of PCE morning as the AI infrastructure read. Also COST 3.14 percent, MDB 13.05 percent, OKTA 12.73 percent, ESTC 17.24 percent biggest implied move of the week, PATH 12.83 percent, AEO 12.34 percent. Thursday straddle plus or minus 56.
FRIDAY PREVIEW
Friday May 29 is post PCE digestion and End of Month. Goods Trade Balance and Inventories 8:30am. Fed Bowman 9:10am, Fed Paulson 9:15am back to back. Chicago PMI 9:45am. EOM portfolio rebalancing into the close. Friday straddle plus or minus 72. Two Fed speakers right before Chicago PMI could move the rate path narrative.
Selling premium Wednesday into Friday works if the range holds. Tuesday 1DTE ATM IV 12.13 percent is compressed for a macro week. Curve climbs 37 to 56 to 72 into PCE. Iran headlines are live but fading in importance, the AI rotation is the new dominant narrative. If after hours earnings disappoint on CRM or MRVL, Thursday opens into PCE with downside skew loaded.
RULES
1. SPX closed 7519 above heavy supply. Rallies get capped from here. The lean is back to 7500 unless catalyst breaks the setup.
2. 7525 is the first reference level above spot. Watch for hold or fail. Daily straddle 37 puts the envelope at 7482 to 7556.
3. 7515 is the first support below spot. Watch for hold or fail.
4. 7475 is strong support. 7470 is the trapdoor accelerator. 7450 is the biggest floor on the map.
5. 7540 capped Tuesday high but Wednesday data shows fuel up at 7540 to 7550. Clear that zone and 7565 then 7575 then the heaviest resistance at 7590 is the real test.
6. Iran headlines fading. Rubio says deal "takes a few days." New US-Iran clashes near Hormuz. Oil bounced back to 90-100 per barrel. Analysts now talking "Hormuz Hangover" lasting into 2027.
7. Micron joined 1T club on AI memory rip, UBS PT 1625, 180 percent gain since March low. SOX 32nd record of year. Tech-led rotation broad beyond NVDA.
8. After hours earnings Wednesday set Thursday gap. CRM, MRVL, SNOW, BRZE all report. ZS got destroyed 20 percent after hours on margin guidance cuts despite beating both lines. The bar for Wednesday SaaS just got raised. Beats need clean guidance.
9. Macro week, walls break 40 percent more often than normal. Reduce size into Thursday PCE. Selling premium works if the range holds. PCE Thursday is the only real catalyst this week.
Not financial advice. Verify all levels before trading.
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SPX 7525 pivot. Bullish above, bearish below.
If 7525 cracks, 7517.12 was the prior high. Watch 7515 area for the hold.
Above 7555 path opens to 7570 then 7585.
7601 is the hard ceiling if we hold above 7585.
Below 7515 the trapdoor sits at 7470.
7475 is strong support.
PCE Thursday is the catalyst. Today is positioning. Watch for reaction at 10 AM(CB consumer confidence data)
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