The S&P 500 Index ($SPX) has been experiencing significant activity around the 5300 level, which has acted as a magnetic force for options positioning. Over the past week, the index has consistently hovered near this level following the Consumer Price Index (CPI) release. Analysts have noted that the market is setting up for a potential push towards the 5350 target, with 5325 being a key level to watch for reactions. Despite reaching just 8 points shy of the 5350 target, the index has seen a backtest to 5300. The volatility index (VIX) has also shown a slight upward move off new lows, though further downside is not expected into the long weekend. The first support level is at the 8 EMA of 5275.
5251 almost there $spx https://t.co/2W41nACtol
SPX hitting 5300 magnet yet again, seems like every day the past week has touched that strike.. VIX sneaky up move off new lows but would be surprised to see much more downside into long wknd
$SPX got 8pts from our 5350 target on open, faded over 40pts to 5300 backtest now. https://t.co/aXlstTUS6b
$SPX 5300 is still a magnet ๐งฒ https://t.co/Qg2uTQxFen https://t.co/qyk30YiNlt
$SPX staying very strong just churning near 5300 the past week since CPI, the kind of pattern that frustrates shorts and could see it resolve higher into the weekly expected move of near 5360 if pops from here while a selloff would see first support at the 8 EMA of 5275 Some ofโฆ https://t.co/VtUfsCq55B
$SPX trend is our friend! Market based for a bit following the all time high breakout. An attempt to push to 5350 target setting up now. 5325 on watch to see if we get a reaction there. https://t.co/NGskn72Vzq
$SPX 5300 remains a very large level of options positioning and could continue to exert magnetic force ๐งฒ https://t.co/lBdUjjAX53