SPY: Coiling Near 660 With Key GEX Support–Swing & Scalp Sep 17

1-Hour Chart Technical View
SPY remains inside an upward channel, but the 1-hour chart shows a slight cooling. After peaking near $662.5, price is consolidating just above $660. MACD momentum has faded and Stoch RSI is in oversold territory, signaling a pause with potential for either a bounce or a deeper retest.

* Immediate Support: $659–$660 (current demand and channel midline)
* Major Support: $652 and $647 (trend and high-volume zones)
* Upside Zone: $662.5–$665 (channel top and key resistance) with $670 as the next major extension
The 9 EMA is still above the 21 EMA, which keeps the bullish structure alive as long as $659 holds.

GEX & Options Flow

Gamma positioning suggests mixed but constructive flows:
* Call Walls: $662.5 (strongest call resistance), $665, and $670.
* Put Walls: $652 and $641 are significant downside hedges.
* GEX Bias: Put gamma remains high at ~80.3%, while IVR is around 14.6 (IVx ~16.1). This signals a market braced for hedging but with moderate volatility expectations.
Such a setup typically leads to contained price action unless $659 breaks decisively.

Trade Thoughts & Suggestions
* Swing Idea: Buy dips near $659–$660 with a stop below $652, targeting $662.5–$665 and possibly $670.
* Scalp Idea: Quick bounce plays off $659 or a breakout scalp if $662.5 is reclaimed on strong volume.
* Bearish Scenario: A clean break under $652 could trigger a fast slide toward $647 and $641.

Quick Take
SPY is consolidating after a strong run. For Sept 17, the $659–$660 zone is critical. Holding it favors another push toward $662.5–$665; losing it opens lower supports.

Disclaimer: This analysis is for educational purposes only and does not constitute financial advice. Always do your own research and manage risk before trading.