ApexPrognosticator

I was clearly a day early in flipping to calls. The put wall is at 650 (660 put gamma is an eighth what it was yesterday). Across all expirations the 650 net gex is -4.1BLN, HOWEVER, when you look at just today you'll see -3.1BLN of that rolls off at 4PM. If we don't see significant buying of puts at that level or lower to bolster net put gex beyond today a massive anchor tied around this market's neck will get cut loose allowing for a bounce next week. This would be consistent with prior 200DMA breaks where after the initial break you get a dead cat bounce that ends up failing at overhead resistance and sends it back below the 200DMA a few days later and that is when things get really ugly.

$SPY $VIX $CRUDEOIL Feels bouncy

30min chart analysis + longer term $SPY chart: $Oil with bearish divergence. $VIX RSI at the stage where we see a lil backtracking, even if this is within a larger sustained upmove. $SPY RSI also due for a reflexive bounce here to reset sentiment for a minute. Max Pain for Friday $SPY is 670. Note that 670 also happens to coincide with the underside of this longer term rising wedge structure that has its origins at the height of the markets before the GFC. This trendline is of very important significance, and we briefly broke above it over the last 6 months which will amount to an FBO(False BreakOut) now that we are undercutting it. We've now cut under this line and are likely to retest it from the underside. This retest would coincide nicely with this max pain level. Lots of chatter that the last few Thursdays have been down, worth noting that's also because the last few Wednesdays have been up... This week Wed was down... By no means would I be playing large call positions in the market, but I'd also be wary of further downside in the immediate term as a bounce seems highly likely here.

$VIX and $SPY Bounce incoming for an opportunity to reload spy puts and vix calls again.

Very oversold...

$SOUTF chop chop chop chopping our way to the next resistance line (@$.10)