$SPX weekend check-in:
Last week's action kept us range-bound between 5950–6050, with Friday's close right at 6010. Clean consolidation after the early-year rip — no breakdown, no breakout, just chop inside the box.
Key levels I'm watching:
• 6050 resistance — bulls need a clean break and hold above here to open 6100+
• 5950 support — lose this and we're likely testing 5900, maybe 5850 if flows turn heavy
• 6000 psychological — acting as pivot all week, decent gamma pin zone
Options flow last week leaned neutral-to-bullish, decent call volume in Feb monthlies around 6100–6200 strikes. No major put wall building yet, but 5900 has some size.
My take: Consolidation is healthy. Holding above 6000 into next week keeps the bid intact. I'm looking for a break of 6050 with volume to add long delta. If we lose 5950, I'm flipping short-term bearish and eyeing put spreads into 5900.
Still running my weekly income strats — selling 0DTE premium around these levels has been clean money. Range = opportunity.
Let's see if Monday brings direction or more chop. Either way, there's a trade.
Last week's action kept us range-bound between 5950–6050, with Friday's close right at 6010. Clean consolidation after the early-year rip — no breakdown, no breakout, just chop inside the box.
Key levels I'm watching:
• 6050 resistance — bulls need a clean break and hold above here to open 6100+
• 5950 support — lose this and we're likely testing 5900, maybe 5850 if flows turn heavy
• 6000 psychological — acting as pivot all week, decent gamma pin zone
Options flow last week leaned neutral-to-bullish, decent call volume in Feb monthlies around 6100–6200 strikes. No major put wall building yet, but 5900 has some size.
My take: Consolidation is healthy. Holding above 6000 into next week keeps the bid intact. I'm looking for a break of 6050 with volume to add long delta. If we lose 5950, I'm flipping short-term bearish and eyeing put spreads into 5900.
Still running my weekly income strats — selling 0DTE premium around these levels has been clean money. Range = opportunity.
Let's see if Monday brings direction or more chop. Either way, there's a trade.
