Morning. Dealer gamma in the SPX complex got reduced by 499MM to minus 62MM overnight, while the gamma inversion level moved up a notch to 4500 points. Main resistance remains at 4500, support can be identified at 4400.
A main factor in the push higher yesterday and overnight was the strong compression of implied volatility, probably due to today's VIX expiry, as open interest data doesn't show a significant reduction in put positioning.
A main factor in the push higher yesterday and overnight was the strong compression of implied volatility, probably due to today's VIX expiry, as open interest data doesn't show a significant reduction in put positioning.
Note
Big deal: Russia has tested it's doomsday ICBM Sarmat R-28. I expected a test launch Sunday. Big deal, but markets don't seem to care.
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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.