TSLA just goooooo alreadystill searching for 190s after 9 some days of bouncing right at the same spot. long two weeks out 180s 190s hopefully we'll see some action into this
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SPX 0dte Trading - Oct 26’22 3770/3775 3890/3895 Iron Condor💡 SPX 0dte Trading - Oct 26’22 3770/3775 3890/3895 Iron Condor
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The 1H has remained in overbought territory since last Friday and is overdue for pause/pullback.
$3,900 remains the key level on the upside and is considered our best case scenario this week. On the downside, $3,800 is now strong support. There is positive drift if SPX remains above the gamma flip line of $3,770 as dealer and systematic flows are supportive for price which adds liquidity and should reduce realized volatility.
DXY/UST yields continue their slide, however, as the US10Y yield tags 4% we could see a rebound attempt. The inverse correlation between equities and yields/DXY continues to hold true.
MSFT, GOOGL both down 7+% this morning. The combined weight of the two companies amounts to more than 14% of the Nasdaq 100. With growth underperforming this will likely cap the upside today.
From an internals perspective, ADD is in positive territory, volatility is getting sold and the further reduction in the PCC signals positive delta flows still the primary trade as it has been the past three trading sessions.
Overall many mixed signals. If needed will make adjustments defensive or offensive and as always will leg out of the IC using our momo process.
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💡 SPX 0dte Trading - Oct 10’22 3575/3580 3680/3685 Iron Condor💡 SPX 0dte Trading - Oct 10’22 3575/3580 3680/3685 Iron Condor
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A key level on the downside remains $3,600 and $3,700 on the upside. We don't see a reason for participants to get overly convicted one way or the other or sell volatility until there is more clarity on inflation and ultimately the forward path of monetary policy. Wednesday CPI will likely spark the next directional move.
We are seeing some put demand this morning, bidding volatility and forcing dealers to sell deltas - all which exerts downward pressure on price. With that being said, markets internals have a bearish tilt with the DXY moving higher. SPX, DXY inverse correlation continues to hold.
If required; I will make adjustments, likely turning the threatened side into a butterfly spread.
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