$SPY after hours — $656.34
sitting right in the middle of a dangerous zone honestly. call wall at $661 is acting as a ceiling ($11.88M), we couldn't close above it and that's meaningful. the real magnet on the upside is $665-666 where you've got another wall stacked up.
downside is where it gets interesting. $650 put wall is the first line of defense (\~$6.47M), if that breaks we're looking at $641 which has a monster $65.1M put wall sitting there — that's the kind of level that either acts as a trampoline or confirms full bearish breakdown.
net GEX at the 670 strike is still positive ($39M) but below current price that april 10 expiry has $-151M net GEX — that's a LOT of negative gamma in the near term. means dealers are gonna amplify moves, not dampen them.
with price at $656 we're basically in no man's land between the $650 put wall below and $661 call wall above. vol is gonna stay elevated, don't be surprised if we whipsaw $5-8 in either direction in early tomorrow session before finding direction.
if i had to lean — bears have the easier path until we reclaim $661 with conviction. $650 is the line in the sand. below that it gets ugly fast.