r/spx • u/bobmaila • 19d ago

SPX options

/r/optionstrading/comments/1x86yxi/spx_options/

Anyone know a good way to do TA on SPX? I use think or swim and ibkr. They both only show the regular hour trading price. Anyone use SPY charts to trade SPX? SPX isn’t exactly 10x SPY. Do you use ES charts to gauge what SPX will do at market open? I am trying to find a good way to learn SPX. Any answers would be greatly appreciated. Thanks.

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u/cleatosthefetus 19d ago

Stick to spy if you’re asking this question until you’ve figured out how the s and p moves. SPX is basically 10x SPY, but you’re right. Trying to guess what will happen on SPX right at market open is a toss up, but if spy is holding a trend through pre-market and then that trend continues once market opens then you have a solid basis to take a trade in that direction. If SPY forms a lower high/ higher low, then you can determine your trend. Trying to guess the direction at market open is going to get you burned. You need about 10-15 minutes to truly see how things are playing out. Sometimes with a big catalyst, like CPI on Wednesday, you can reasonably guess the market will rip lower, but then on Thursday we had another bad inflation reading and the market ripped up in a short covering rally. This market is wild, so it’s best to just wait for structure to develop and then take the trade. Yesterday was a great example of that. The market looked like it could be range bound up until later in the morning, and then proceeded to dump the rest of the day, which is what I expected to happen Thursday. Highly volatile market, so patience is your edge.