SPX Held 7700 All Day Friday After Rejecting 7770 and SPX 7650 Could Be Next Level Down (8/28)

Friday's real move came after the Warsh speech, which pushed SPX up toward 7770 — the day's call wall. At that point in the session the level was only lightly built (low open interest concentration behind it), and the market still got rejected hard off it. Sometimes it doesn't take a "strong" level to hold, just enough size to matter more than the move testing it. Through the rest of the day that call wall migrated down to 7730 and kept building — by the close it had gone from lightly-built to the most dominant level on the board. Looking ahead to Monday, the same read (taken after Friday's close) now shows the call wall having moved back up to 7750, but it's still fragile — not much behind it yet. 7770 itself remains the bigger obstacle overhead; without a real catalyst, that's a tough level to break through cold. [Data from www.gammawalls.com](https://preview.redd.it/l49aorr30kmh1.png?width=1200&format=png&auto=webp&s=876c939a2637f1222ac5130031814c38b9cf0b85) The more interesting story of the day was underneath price. SPX 7700 (ES \~7714) got tested several times during the session and bounced every single time. It started the day as a moderate support level and by the close had hardened into the dominant level on the entire chart — by far the most-defended price in either direction. That's the real question heading into Monday: does 7700/ES 7714 hold a third day in a row? The after-hours read for Monday shows the next real support down at 7650 — a moderate level, not huge yet, but the only other significant floor on the chart right now. If 7700 finally gives, that's the level to watch. https://preview.redd.it/ijg5w89c0kmh1.png?width=1304&format=png&auto=webp&s=1b85e5fa27c9f4cb2c1eb2dfff6e0e5765ba1e8f Curious what others are seeing here — anyone playing this range long into Monday, or positioning for a breakdown? Source: [gammawalls.com](http://gammawalls.com)