Looking at $SPX structure heading into Monday — watching for continuation vs reversal setup. Key levels in play: support cluster around 5850-5870 zone, resistance overhead at 5920-5940. If we hold above 5880 on the open, bias is for a grind higher toward that 5940 ceiling. Break below 5870 and we're likely retesting 5850 or lower into the 5820s.
Gamma profile suggests dealer positioning is short gamma above 5900, meaning acceleration if we break out. Below 5870, put support thins out fast. Volume's been light, so any real move needs conviction — otherwise we chop.
My lean: slight upside edge if we open firm, but I'm not forcing anything without confirmation. Watching the first hour for direction, then looking to layer into spreads or directional plays depending on how flows develop. Invalidation is a close below 5850 — that flips the script bearish into midweek.
Gamma profile suggests dealer positioning is short gamma above 5900, meaning acceleration if we break out. Below 5870, put support thins out fast. Volume's been light, so any real move needs conviction — otherwise we chop.
My lean: slight upside edge if we open firm, but I'm not forcing anything without confirmation. Watching the first hour for direction, then looking to layer into spreads or directional plays depending on how flows develop. Invalidation is a close below 5850 — that flips the script bearish into midweek.
