Context from Yesterday (Oct 1 Close @ 6711.20)
- SPX closed strong, just below the major Call OI zone at 6725.
- Market absorbed heavy calls at 6700+, closing above Max Pain (6650) → a clear sign of call buyers holding risk overnight, or late-day dealer hedging.
- This move pushed into premium-heavy territory, making today ripe for either:
- 🔄 Consolidation near 6700
- 🔽 Premium crush back to 6675–6655 if no follow-through
- 🔄 Consolidation near 6700
🧠 Summary
- SPX is extended into a top-heavy zone
- Call OI from 6700–6730 is trapping weak hands
- Expect early fade → bounce back → late decision at pivot
📊 Updated Key Levels (from your OI + Spot Data)
| Type | Level | Notes |
| Spot Close | 6711.20 | Above all key GEX walls |
| Resistance | 6725–6730 | Crowded call zone; fade if no momentum |
| Support | 6675–6650 | Put interest & Max Pain |
| Pivot Zone | 6695–6705 | Gamma chop → trap potential |
⚔️ Bias for Today (Oct 2): Neutral-to-Bearish Fade
- Spot opened above most Call OI, meaning:
- Dealers are short delta → may need to sell into strength
- IV could collapse, crushing calls
- Dealers are short delta → may need to sell into strength
- Expect reversion unless 6725 breaks cleanly and holds for 30+ min
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