S&P 500 EW Weekly Update

By Michael Filighera of Logical Signals

Technical Analyst & Trader • Nov 22, 2025 at 6:57 AM EST

We discuss the option trading dynamics and SPX.

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Image Source: Unsplash

In this week's podcast I dive into the option trading dynamics and SPX.
I discussed the importance of understanding trading dynamics, particularly focusing on option trading and the role of gamma levels, call walls, put walls, and hedge walls. I emphasized the significance of the SPX index as a major trading venue for institutional investors and highlighted the recent large moves in the SPX, particularly noting the volatility and the impact of option traders and dealers.

I discussed the Elliott Wave theory, explaining that markets move in 5-wave trends followed by 3-wave corrections. I noted that we are currently in a bull phase with rallies consisting of 5 waves up and corrections of 3 waves down. I predicted that Cycle 4 will eventually lead to a market decline over the next several years, with rallies occurring in 3-wave corrective patterns. I emphasized the importance of recognizing these patterns to anticipate market movements and prepare for potential negative gamma situations that may lead to heavy selling.

Video Length: 00:43:16

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Disclaimer:

Futures and Options trading has large potential rewards, but also large potential risk. You must be aware of the risks and be willing to accept them in order to invest in the futures and options markets. Don’t trade with money you can’t afford to lose. This is neither a solicitation nor an offer to Buy/Sell futures or options. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed on this web site. The past performance of any trading system or methodology is not necessarily indicative of future results.

CFTC Rule 4.41 – Hypothetical or simulated performance results have certain limitations. Unlike an actual performance record, simulated results do not represent actual trading. Also, since the trades have not been executed, the results may have under-or-over compensated for the impact, if any, of certain market factors, such as lack of liquidity. Simulated trading programs in general are also subject to the fact that they are designed with the benefit of hindsight. No representation is being made that any account will, or is likely to, achieve profit or losses similar to those shown.

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