🎯 SPX Spot Reference: 6502.08
📅 0DTE Expiration: 09/05/25
📍 Max Pain: 6430
📊 Bias: Bullish continuation or potential fade from 6500 stack
“Well honey, we’re on top of the pancake stack now. Either we rise for dessert or slide back down the syrup slope.”
📈 If We Go Up From Here
| Magnet | Level | Why It Matters |
|---|---|---|
| M1 | 6500 | ✅ Top OI level (9,334 total) – heaviest call stack of the day |
| M2 | 6520 | Decent OI (2,777) + premium building — chase zone if bulls press |
| M3 | 6525 | 2,893 OI – strong volume, end-of-week stretch level |
🧠 Read:
If SPX can base above 6500, expect bulls to try stretching into 6520–6525. But this is syrupy territory — takes effort to keep lifting.
📉 If We Go Down From Here
| Magnet | Level | Why It Matters |
|---|---|---|
| D1 | 6490 | Modest OI, high volume — weak support that may slip quickly |
| D2 | 6475 | Solid OI (4,340), decent volume — possible pause here |
| D3 | 6450 | 🔽 Second highest OI (8,881) – main put/call battleground |
🧠 Read:
If 6490 breaks, look for 6475 and then 6450 to act as potential magnets. If we break 6450… well, butter up 6430.
💸 OI & Premium Highlights
| Strike | Total OI | Call Premium | Put Premium |
|---|---|---|---|
| 6500 | 9,334 | $20.20 | $19.05 |
| 6520 | 2,777 | $15.10 | $21.70 |
| 6525 | 2,893 | $23.20 | $23.80 |
| 6475 | 4,340 | $13.60 | $14.10 |
| 6450 | 8,881 | $8.30 | $11.30 |
| 6400 | 12,515 | $5.60 | $10.85 |
🧭 Grandma’s If/Then Summary
| Direction | Trigger | Magnet | Stretch |
|---|---|---|---|
| ⬆️ Up | Hold above 6500 | 6520 | 6525 |
| ⬇️ Down | Lose 6490 | 6475 | 6450 (pin zone) |
📌 Final Thoughts
- 6500 is the control point – above it is continuation, below it is mean reversion
- Friday flows may aim to pin near 6475–6450 if we fade
- Premiums are inflated across the board — be nimble
IMPORTANT DISCLAIMER
This content is for educational purposes only and should not be considered financial advice. Trading involves substantial risk and may not be suitable for all investors. Past performance does not guarantee future results. Please consult with a qualified financial advisor before making any trading decisions. The author assumes no responsibility for any losses that may occur from following this information.