187: This Week in the S&P500: SPX Levels, FOMC, and NVDA Earnings

The S&P 500 index (SPX) hovered around 7,370 on Tuesday, with a clear support zone between 7,300 and 7,325 identified by the zero‑gamma put wall on spotgamma.com. A call wall near 7,500 marks the recent high, suggesting the market is merely consolidating after a multi‑week rally. Traders watching moving averages see the 20‑day line hugging the put wall, reinforcing the view that the pullback is orderly rather than a trend reversal. Understanding these technical thresholds helps options sellers position credit spreads with tighter risk.

On the macro side, the Federal Open Market Committee (FOMC) minutes are due tomorrow, but expectations are for a neutral tone after the recent appointment of Fed Chair Warren Powell. With inflation easing and home‑sales data showing a 1.4% rise, the market does not appear to demand a dovish pivot. Geopolitical tension around Iran and volatile oil prices remain background risks, yet they have been largely priced out of equity valuations. Investors therefore focus on whether the Fed will signal any hawkish surprises that could reignite rate‑hike expectations.

The spotlight also turns to Nvidia’s post‑close earnings, the de‑facto bellwether for the AI trade. A strong surprise could lift AI‑heavy names like Google, while a miss may accelerate profit‑taking across the sector. Meanwhile, Alpha Crunching’s seven‑day put‑credit‑spread strategy has been delivering 50%+ returns by selling Delta‑35 spreads for roughly $1.50 credit per contract. The host advises maintaining long equity positions, keeping stops tight, and avoiding short bets until the uptrend definitively ends. This balanced approach leverages technical support, macro stability, and selective earnings catalysts for disciplined options trading.