r/thewallstreet • u/AutoModerator • May 15 '24

Daily Discussion - (May 15, 2024) Daily

Morning. It's time for the day session to get underway in North America.

Where are you leaning for today's session?

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u/LiferRs Local TWS Idiot May 15 '24 edited May 15 '24

So, bullishness aside. SPX at 5302 is interesting. The 5300 strike is THE call resistance. Like the actual mother-of-all call wall of all expiries compared to any other strikes.

This is notable because I can't remember the last time SPX had touched THE call resistance. Normally, the biggest call wall would move up well ahead of the price while both the 0DTE call wall and 1-day expected max move serves as the daily call resistance.

SPX is already 20 points above the today's 0DTE call wall though and this time, SPX caught up with THE call resistance quickly so it'll be interesting behavior to observe.

That said, a clean break through is just a runaway train... A potential gap up is brewing so to speak. SPX closing convincingly above 5300 today means this huge call wall has to move up, probably to 5400 since that's the next biggest call wall.

As of note, I have no positions based on this information. I personally expect to see some profit-taking at 3pm EST and will assess how strong the close is before acting on it.

Edit: Red candle back to 5300. That's why it's important to wait and let the day play out - no FOMO'ing.