SPX Coiled Between 7700 Resistance and 7648 Support Heading Into Tuesday (8/31)
Part 2 of yesterday's post on the 7700 level — quick real update on how Monday played out.
Overnight, ES lost the 7714 support that had held all Friday and dipped as low as 7685 (SPX \~7675) before bouncing and recovering. That 7650 level flagged yesterday as the next support down actually softened overnight — it went from a moderate level to a lightly-built one before the open.
https://preview.redd.it/y4cr4jy8ormh1.png?width=1744&format=png&auto=webp&s=84c6ead2bf8bc2c2643d898e10520fc42808ef02
On the cash open, price pushed down again but held right around 7675 — that became the new sticky level for the day. By the close, both the call and put walls had compressed into moderate levels, roughly two hours before the bell.
Took a put credit spread at 7630/7620, 12 contracts, for $520 total credit. No issues with the position all session — held clean start to finish.
https://preview.redd.it/6irj2bpbormh1.png?width=1894&format=png&auto=webp&s=49fa3a3ec27bfa8943a021e0a86bbc6095a5b46c
Now here's the interesting part for Tuesday: the market is coiled tight. Strong resistance sits at ES 7714 (SPX \~7700), and underneath there's a real shelf of lows acting as support at ES 7658 (SPX \~7648). Something has to give — and the expected move for Tuesday is unusually low, so extra caution is warranted either direction.
https://preview.redd.it/m1n4897dormh1.png?width=1296&format=png&auto=webp&s=ec9d69bcf68bc95742a54bb082756c68441cb014
If 7700 breaks to the upside, 7750 is the next level to watch. If the 7648 support gives way, the next real support down is 7617. We have a very compressed range for the call and put walls for tomorrow. The call wall is at 7710 and it is only fragile. The put wall just at 7690 as moderate.
**My plan:** looking for put credit spread entries near those support levels, and a call credit spread above 7750 if we get there. My lean is that ES retests 7714 (SPX 7700) first, then continues up toward 7750 — but with the range this compressed, I'm not forcing anything early.
Curious how others are reading this coil — anyone else seeing 7700 as the pivot for tomorrow?
Source: [gammawalls.com](http://gammawalls.com)