[30/4] SPY leans bearish as we march into FOMC on Wed

Always fun and useful to use GEX levels to gauge market sentiments and to plan the trade ahead. Here are some key levels to watch for.

Key Levels And Trade Plan

GEX levels for SPY - expiration 30/4

SPY is literally sitting on the fence[Cool]  at level 510. Price may gyrate around that area for a bit.

If SPY goes downside, watch for it moving towards 508 with a near-term support at 507. I would be satisfied to pull off a bearish play from 510 -> 507.5.

If SPY breaks beyond 507, we will target 505 in the near-term for today.

If SPY goes north (which is quite unlikely as the GEX levels lack conviction on the upside), we will be lucky if it heads towards 511 towards 515. 

GEX levels for SPY - expiration 5/1

With FOMC coming up, we are not seeing a lot of strong signals from the options positioning. Bulls and bears are not showing their cards![Miser]  

As usual, I won't trade on this day. No edges to count on.

GEX Lvels for SPY - aggregate all expirations

This is the chart showing the aggregate GEX levels for SPY across all expirations. Good to peruse this for broad context!

Definitely seeing more downside potential than upside, especially with strongly negative GEX levels from 510 all the way down to the moderate zone of support at 505. 

We also have several positive GEX levels to "break through" if SPY were to try and hit above 513. I think a lot depends on the FOMC decision on Wed.

Tdlr 

30/4: Bear > Bull

Bearish:

510 -> 508 -> 507

507 -> 505

Bullish:

510 -> 511

512-513 -> 515

Trade safe, friends!

@TigerPM @MillionaireTiger @CaptainTiger @Daily_Discussion @TigerOptions