SPY Key Channel Test — Trade Setup for September 15

* Macro backdrop: U.S. index futures are slightly softer after last week’s rally. Traders await mid-week economic data, leaving SPY in a tight overnight range.
* Sector tone: Tech leadership remains firm, but some rotation into value is evident, which can create intraday swings.

Technical Analysis – SPY
Trend & Structure (1-Hour Chart)
* Price is rising inside a well-defined ascending channel.
* Friday’s session closed just under $658, showing slight consolidation at the upper band.

Key Levels
* Resistance: $658.3 (current channel top), $659.1 (1st Call Wall), $661–663 (next GEX layers).
* Support: $657.2 (pivot / HVL zone), $655.5 (2nd Put Wall), $652.6 (3rd Put Wall).

Momentum & Indicators
* MACD is rolling over from highs, hinting at short-term cooling.
* Stoch RSI is near oversold, leaving room for a bounce if buyers step back in.
* Volume has tapered, which fits a pre-breakout or short pullback.

Options/GEX Insight

* GEX shows highest negative NETGEX at $657 (strong put support) and stacked call walls above $659, suggesting a tug-of-war between bulls and bears.
* IVR 10.7 and IVx avg 13.1 signal low volatility, which could amplify any breakout move.

Trade Scenarios for Sept 15
* Bullish Plan:
* Entry: Hold above $658.3 and break $659.1.
* Targets: $661 → $663.
* Stop: Below $657.2.
* Bearish/defensive:
* Entry: Drop below $657.2 with momentum.
* Targets: $655.5 → $652.6.
* Stop: Above $659.1.

Summary
SPY enters Monday at the top of its channel. A firm break over $659 could ignite a move toward $661–663, while a slip under $657.2 opens a pullback toward the mid-$650s.

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