04/28 Weekly GEX Analysis

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DETAILED IMAGE:



Here’s what the charts and indicators are showing right now until Friday.

We are approaching a key breakout zone.
🐂 🟢 IF the market breaks above the white bearish daily trendline, the next bullish target could be between 5515–5680.

🟦 ⚖️ The chop area is between 5435–5515.
Expect more back-and-forth moves here if the breakout fails.

🐻🔴 Watch out: if the price drops below 5435 or 5425, there’s little support left.
This could trigger a sharp sell-off ("Bearish Armageddon" scenario).

GEX profiles remain positive 🟢 across all near expirations — for now — suggesting that underlying support still exists, but we need to monitor any changes closely.

IVRank is still relatively high (30.9), meaning options are priced with a decent amount of implied volatility.

🟢Short-term sentiment is currently bullish, with some speculative activity picking up.


This suggests that traders are expecting less volatility over the next month compared to what we saw in the past week.

However, if we look at institutional positions focused on longer-term expirations (especially beyond 30 days on SPX/AM maturities), the picture remains bearish 🔴 or at least highly volatile.
These players are still strongly hedging against downside risks.

This confirms the broader point:
Even though price action managed to recover to pre-tariff-announcement levels — with very low trading volume — we’re not out of the woods yet.
Until we can break and hold above the key resistance bearish trend with HIGH BUY VOLUME (aka. momentum), we shouldn't expect a strong, stable GEX profile across all expirations like we had in the past.

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...and finally we've ended the week in the positive gamma squeweze zone.