SPX Gamma AM
Good morning,
due to a trip to the "redneck riveria" (I love it), I will not post a gamma wrap, so this is my first and final word ;).
Investors used yesterday’s calm to stock up on put options, especially at 4000 and 3700, to be positioned for next week’s FOMC meeting.
China/Japan and Europe are in the green today, but we doubt that there is much upside potential apart from another wave of mechanical squeeze, given the reason mentioned above, and a spectacular consumer spending print, which is sending rate hike expectations substantially higher as we speak (see chart below).
https://www.tradingview.com/x/35pem48g/
Implied dealer gamma registers at -684MM, which points to elevated volatility ahead. Resistance can be identified at 4300, support at 4200/4100.
due to a trip to the "redneck riveria" (I love it), I will not post a gamma wrap, so this is my first and final word ;).
Investors used yesterday’s calm to stock up on put options, especially at 4000 and 3700, to be positioned for next week’s FOMC meeting.
China/Japan and Europe are in the green today, but we doubt that there is much upside potential apart from another wave of mechanical squeeze, given the reason mentioned above, and a spectacular consumer spending print, which is sending rate hike expectations substantially higher as we speak (see chart below).
https://www.tradingview.com/x/35pem48g/
Implied dealer gamma registers at -684MM, which points to elevated volatility ahead. Resistance can be identified at 4300, support at 4200/4100.
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