Futures have pushed back to recent highs of 3900. We look for the market to continue pressing 1% daily moves, however volatility should start to trend lower if the market holds 3900. Resistance shows at 3931 and 3947. Support shows at 3900 then 3850. Our models...

Futures have popped higher to 3835 as we enter expiration Friday.  We look for 1% ranges again today, with support at 3800 at 3825. Resistance shows at 3850 then 3900. In regards to today’s expiration there is not much for SPX/QQQ, but 30% of SPY gamma expiring. Most...

 Rallies should be categorized as short covering and subject to failure. S&P 500 Levels: $4,000.00 is significant overhead resistance. $3,900.00 is a pivot above which volatility should decrease. $3,800.00 is major support below which there may be an accelerated...

Futures were quiet overnight, holding 3830. Markets await the 8:30AM ET CPI report, which likely determines todays initial market direction. With that, we see volatility relatively high today with resistance at 3850 and 3900. 3800 is critical support, under there we...

JUL 11 2022 Founders Note for: 2022-07-11 06:36 EDT Macro Theme: -Rallies should be categorized as “short covering” and subject to failure -4000 is significant overhead resistance -We look for volatility to increase on a break of 3900, with 3800 major support -July...

-Rallies should be categorized as “short covering” and subject to failure -Volatility should remain elevated until/unless the market closes >4000, the strike at which we see major resistance. 3700 is our major support line into 7/15 -July 15th & 20th are...

Rallies should be categorized as “short covering” and subject to failure Volatility should remain elevated until/unless the market closes >4000, the strike at which we see major resistance. 3700 is our major support line into 7/15 July 15th & 20th are important...

JUL 06 2022 Founders Note for: 2022-07-06 07:17 EDT Macro Theme: Rallies should be categorized as “short covering” and subject to failure Volatility should remain elevated until/unless the market closes >4000, the strike at which we see major resistance. 3700 is...

Futures are flat to Fridays close at 3809. We look for volatility to remain fairly elevated today, as the SG Implied move remains >1% and the VIX is up from Friday (and 2 week) lows to 28. Today we look for resistance at 3825 and 3855 (SPY 385). Support shows at...

JUL 01 2022 Founders Note for: 2022-07-01 06:49 EDT Macro Theme: Rallies should be categorized as “short covering” and subject to failure Volatility should remain elevated until/unless the market closes >4000, the strike at which we see major resistance. 6/30 exp...

Futures are down sharply to 3760 as we close out the 1st half of 2022. Resistance shows at 3800 then 3855 (SPY 385). Support shows at 3750 & 3700. There are a lot of large flows in the market today, not just from the JPM roll but likely, too, from macro...

Status quo after a failure to test far into Tuesday’s trading range which was characterized by steady, liquidation-type, selling, as alluded to in the morning note. Graphic: SpotGamma’s Hedging Impact of Real-Time Options (HIRO) indicator for SPX and SPY 6/29/2022...