by ricardo@optionelements.es | Jun 17, 2021 | Sin categoría
Futures tested 4190 (SPX 4200) overnight but recovered some to 4200. This level is critical support for markets, as gamma is negative under there. Simply put, a break of 4200 is risk off. For today, 4225 is the key overhead area due to the large amount of gamma at... 
by ricardo@optionelements.es | Jun 16, 2021 | Sin categoría
Once again – no movement in futures overnight which hold 4250. Obviously for today all eyes are on the 2pm EST FOMC, but first the VIX expiration goes off. We think both of these events function to loosen markets up, and Friday’s expiration releases the big “gamma... 
by ricardo@optionelements.es | Jun 15, 2021 | Sin categoría
What was a quiet day ended with a bang – the SPX gained ~20 handles in the final ~30 minutes. SPX options volume was strong at 1.3mm contracts, with the VIX higher 4.6% (.74pts). That is a strange divergence to go with a strange move into the close. Given this large... 
by ricardo@optionelements.es | Jun 14, 2021 | Sin categoría
Futures are flat, holding the 4250 area. Today we forecast another tight trading range, with an SG Implied max move of only 31 pts (0.7%). The Call Wall has shifted up to 4275 which is now our overhead resistance line. 4225 is first support. Currently the two dominant... 
by ricardo@optionelements.es | Jun 11, 2021 | Sin categoría
Futures are….flat. 4235. Positive gamma grew a bit which pushes the estimated max move down to 34 pts. We see support at 4225 and resistance at the 4253 (large Combo strike). The 4250 line is also our Call Wall resistance, as that metric did not roll higher overnight.... 