Absent any fundamental data the S&P 500 pushed 1.4 percent higher today and closed on a new record high. Growth (+1.7%) was outperforming value (+1,0%), with both setting new records, but overall volume was light, which could suggest a market dominated by retail traders.
Total net gamma climbed to 717M dollar, up from -417M only seven days ago. Gamma at the 4800 strike alone increased to almost 180M compared to about 100M one day ago.
Volatility should be limited given the high amount of positive gamma and 4775-4800 (max 4825) could possibly serve as a sideway range until Friday, when over 40 percent of SPX options expire, which could spark more volatility again.
Good luck!
Total net gamma climbed to 717M dollar, up from -417M only seven days ago. Gamma at the 4800 strike alone increased to almost 180M compared to about 100M one day ago.
Volatility should be limited given the high amount of positive gamma and 4775-4800 (max 4825) could possibly serve as a sideway range until Friday, when over 40 percent of SPX options expire, which could spark more volatility again.
Good luck!
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.