SPX Gamma Update
Quick note: Boosted by a massive short squeeze after hedgefonds sold short the market via index products the SPX is testing its first major resistance at 4700.
The mechanic plays out like this: Short sellers have to buy back underlyings, while dealers have to sell futures at 4700/4750/4800.
I would be surprised if we push through 4700 right away. More likely this level will pin the market.
The mechanic plays out like this: Short sellers have to buy back underlyings, while dealers have to sell futures at 4700/4750/4800.
I would be surprised if we push through 4700 right away. More likely this level will pin the market.
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