Net GEX just flipped negative right at current levels, Here's how we're trading it

Overhead Resistance Fib Levels / Shelves (Short Zones)These are the key Fib-derived levels from the recent swing high (~697.13 or 692.49 cluster) pulling back to current spot. They act as potential rejection points where dealers/gamma could pin or sellers defend.692.49 — Immediate prior high / wave (v) target line — strong shelf if we rally back into it. Fade heavy here if volume dries up. 0.786 Fib (692.49? wait, labeled ~692.49 at 0.786?) — This is the big one overhead. If we test it, it's a classic "last chance to short before potential breakout" level. Dealers love pinning under it. 1.0 extension / (b) high ~697.13 — Ultimate upside shelf in a corrective rally. Very low probability to hold above without massive catalyst, but if we tag it, it's prime short territory (exhaustion fade). 0.618 Fib ~688.84 (from the drop) — Mid-shelf resistance. Often acts as first real test in pullback rallies. 0.5 Fib ~686.28-ish (implied from recent highs/lows) — Minor shelf, but aligns with recent day high prints. 0.382 Fib ~681-683 — Near-term resistance if we bounce. Current consolidation zone. From the chart's structure: We're post-(v) top, in wave (a)/(c) down or larger wave IV correction. Overhead shelves are stacked resistance — rallies will hit these Fib walls and likely reject unless volume surges (unlikely in short week).Current Context + Gamma Twist (Spot Gamma Guru Lens)Latest data (as of Feb 13 close): SPY closed at 681.75 (high 686.28, low 677.52 — volatile day). After-hours ~680.95. We're right in that fragile zone around 680-682 zero-gamma flip.Net GEX: Negative territory near spot (dealers short gamma → downside acceleration risk if breached lower). Positive gamma overhead: Thin above 685-687 (little support for rallies → easy fades into those Fib shelves). Support gamma clusters: Heavy at 675-678 (put defense), aligning with your 675.42 shelf and 0.236 Fib ~675.42. Highest prob path next week (short week, Presidents' Day Monday closed):Base (60%): Chop/rally into 683-688 Fib shelf → rejection/short setup. Then grind lower toward support. Bear bias trigger: Close below 680 → accelerated to 675.42 → 668.84 .618 Fib magnet. Bull surprise (low prob): Clear 688+ with volume → test 692 shelf, but gamma thin = potential squeeze trap. Plays Aligned with Overhead ShelvesFade the Rally (Primary Short Bias) Trigger: Rally to 683-685 or 688 Fib shelf (Tuesday open push). Play: Short SPY or buy puts (Mar expiry for room) at those levels. Targets: First 675-678 gamma support, then 668.84 Fib. Stop: Above 689-692 shelf (tight risk). Scalp Rejection at Shelf If we tag 692 or 697 extension: Heavy fade with calls sold or puts bought. Protective Long (if holding support) Only if 680 holds firm: Dip buy toward 675 shelf for bounce to 688 resistance. This chart's overhead Fibs are gold for spotting short entries — rallies will test them, and gamma fragility favors rejection.

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