We made specific mention of what we thought was a big and noticeable gamma (GEX) shift within SPX to the 5900 level back on October 14 in a Discord GEX update, and we’ve come full-circle right back to that area in OpEx week. We are so close to 5900, it must be a slam dunk! Well, not so fast…Yes, we still believe it’s a highly probable target, and we can say the same about QQQ 500. But do we see 5900 tomorrow, or will we have to wait? The answer is not so clear. We discuss a slightly different agenda on tonight’s YouTube video, including ideas involving PLTR, PANW, UNG, and ROKU, plus more. You can find the video by clicking here.

Let’s jump right into SPX: We continue to hold the Hull Moving Average, which helps to keep alive the seemingly permanent bullish trend. That said, the last few days haven’t been easy, which is somewhat typical of OpEx (despite the bullish bias). Take today for instance: A big gap up, then a sell off back to yesterday’s highs. The Keltner channels continue rising, with SPX almost reaching the 5900 we see on the GEX charts. This confluence is certainly a mark in favor of 5900 very soon, in my opinion.

Our GEX Levels chart shows SPX still has room to not just 5900, but even higher, with the red Dealer Cluster Zone stretching almost to 6000, where we see another sizable GEX cluster.

SPX remains strongly positive in terms of total net GEX, remaining above 1B.

SPX Historical GEX: www.geeksoffinance.com

We don’t usually delve into the granular details of SPX GEX, but I want to go over a few interesting observations about SPX GEX clusters and where they’re concentrated,

SLV has strong support below at 28.50, holding above opens the door to 30.19, according to the Keltner channels.

Volume at big GEX at 30 agree with the chart, and most of the GEX at 30 expires Friday, which means we will be looking at potential completion of that target in the short term, if this GEX picture stays the same tomorrow.

Lastly, PEP has positive GEX, it just completed a nice 5-day move as of Monday, and this pullback over the last two days helped to work off the overbought condition to an extent. We have high volume and large GEX clusters at the 180-185 area, and 180 is the top Keltner channel. This might be better than a bag of potato chips (I always have a joke to insert, don’t worry).

We hope you’ll join us in Discord for real-time insights throughout the day and tomorrow I’ll try not to delete the newsletter as well!

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5900: SO Close, I Can Almost Touch It

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5900: SO Close, I Can Almost Touch It

5900: So Close, I Can Almost Touch It

VIX Expiration Approaches: What’s Next?

© 2025 Geeks of Finance LLC. All rights reserved.