spy premarket analysis

Pre-market SPY $656.20 — bearish setup, negative GEX regime

GEX flip is right at $660 with a massive call wall there ($42.17M). That's been the ceiling all week and pre-market is already below it. Net GEX shows that purple strip at $660 — that's the battleground.

Below current price the structure gets ugly fast. Put walls stacked at $650 ($27.58M), $645 ($11.49M), and $640 ($41.86M). That's a lot of downside magnets with nothing clean holding us up right now.

$655-$656 is where we're sitting and there's basically no GEX support here — we're in the dead zone between the $660 call wall above and $650 put wall below. Dealers are amplifying moves not dampening them.

Lean bearish pre-market. $660 is the line. We can't reclaim it and hold = puts all day toward $650 first target, $645 second. If $650 breaks before 10am it accelerates.