by ricardo@optionelements.es | Oct 15, 2021 | Option Levels
Futures pushed higher overnight to 4445, indicating an SPX opening near 4450. Adding the overnight move to yesterdays 1.7%, we arrive at a fairly large positive gamma position which is centered on that 4450 strike. With positive gamma comes a lower volatility forecast... 
by ricardo@optionelements.es | Oct 14, 2021 | Option Levels
A strong rally in futures overnight to 4385, indicating the SPX will open near our main resistance area of 4400. We do not see another major level above that until 4450, with first support at 4375. 440SPY/4400SPX (this is the 4400-4410 SPX range) is the dominant... 
by ricardo@optionelements.es | Oct 13, 2021 | Option Levels
Futures are at 4350 from overnight lows of 4322. Things took a bit more of a bearish tilt overnight, with a sharp tick lower in the SG Gamma index (-1.02 vs -0.67). The implication is obviously more volatility potential with our estimated max move today being 2.7%... 
by ricardo@optionelements.es | Oct 12, 2021 | Option Levels
Futures are at 4355, up from overnight lows of 4321. Major gamma levels remain unchanged, and we look for high volatility again today. First resistance is at 4385, followed by 4400. Major support is at 4342, then 4302. A move back to 4400 is just as easy as a move to... 
by ricardo@optionelements.es | Oct 11, 2021 | Option Levels
Futures are near 4365, indicating the SPX is in a very flat to slightly negative gamma position. The implication of this that we expect a fair amount of volatility today, with 4400 major resistance and 4375 support. Last week we discussed how critical it was for the... 