Informe SG Levels

Futures are once again showing little movement, currently holding 4220. There was little change in SpotGamma metrics overnight, which syncs with the price action of late (ie no action!). With that our estimated max one day move is 39pts, with resistance once again at 4250 and support 4200.
Currently our models see 10% of SPX gamma, and 20% of SPY/QQQ gamma rolling off this Friday. That may be enough to get some things moving next week, but for today we see little reason for and significant index move.
Shifting to where the major action is, we note that tomorrow is a very large expiration for the meme’s. Most of these names (GME, AMC, WKHS, BB) have >=40% of their gamma expiring. Not only that, call volumes have been tailing off, too. Its quite possible that the number of names being FOMO’d grew too large which spread the retail flow too thin. Regardless it seems this flow is drying up just as we’re turning to next weeks large expiration.

Model Overview:

While markets hold 4200 we look for a low volatility grind higher, with 4250 the overhead target. 4160 is the gamma flip line, and therefore critical support.