10:30 AM SPX Update: Sellers Defend Resistance, 6900 in Sight

1. MORNING RECAP

Status: Bearish Drift / Chop

The market opened with a brief attempt to push higher, touching a session high of 6942.50—perfectly respecting the overhead resistance zone we identified in the pre-market plan (6940-6945). Sellers stepped in aggressively at that level, rejecting the advance and sending SPX back down through the opening print.

Since that rejection, price action has been heavy but grindy. We are currently trading near 6924, hovering just above the morning lows. The inability to reclaim the 6935 pivot suggests that bears remain in control for now. The VIX has not relaxed, holding firm above 17.10, which confirms that hedging demand is persistent.

2. UPDATED LEVELS

• Pivot: 6935 (lowered from 6950). This is now the immediate intraday ceiling.
• Upside Resistance: 6945 (Session High / VWAP).
• Downside Support: 6915 (Morning Low) and 6900 (Major Put Wall).

Gamma Note: Short-dated put flow has picked up on the slide, increasing the "magnetic" pull of the 6900 Put Wall. Dealers are likely short gamma in this zone, meaning any flush below 6915 could accelerate quickly towards 6900 as they are forced to sell futures.

3. TRADE UPDATE

Strategy: Short / Put Spreads

• Morning Idea: The fade setup at 6940-6945 triggered perfectly.
• Management: If you entered shorts/puts near 6940, you are well in profit.
  • Take Profit 1: Trim 50% of position here at 6925.
  • Stop Adjustment: Move stops to Breakeven or 6938 to protect gains.
  • Target: Hold the runner for a potential test of 6910 or the 6900 wall.

Outlook: Watch the 6915 level closely. A clean break triggers the next leg down. If we chop here and reclaim 6935, the bearish momentum may be fading.