by ricardo@optionelements.es | Feb 12, 2021 | Sin categoría
Futures are again flat, with major SG levels unchanged. Today’s expiration is fairly light, reinforcing that the bulk of SPX open interest (and the 3900 pin) holds into late next week. Once again we do not anticipate a move away from 3900 today, with these being the... 
by ricardo@optionelements.es | Feb 11, 2021 | Sin categoría
Futures are up slightly to 3914. We are somewhat surprised to see the SPX Call Wall jump to 4000 today, with the SPY Call Wall holding 395. This shift is the result of 15k net puts added to the 3900 strike, which increases 3900 as a floor, and confirms a higher SPX... 
by ricardo@optionelements.es | Feb 10, 2021 | Sin categoría
Futures are higher to 3920, with an interesting Call Wall “divergence” appearing overnight. The SPX wall remains at 3900, but the SPY wall now appears at 395. SPY total gamma is nearly 2.5x larger than SPX gamma which indicates that the 395 SPY pull is a real force... 
by ricardo@optionelements.es | Feb 9, 2021 | Sin categoría
Futures have pulled back some to 3900, which remains the Call Wall strike and major resistance. The positive gamma at 3900 remains quite a bit larger than overhead strikes, indicating it will hold as major resistance for a few days. From from an intraday trading... 
by ricardo@optionelements.es | Feb 8, 2021 | Sin categoría
Futures have pushed higher, indicating the SPX is set to open at the 3900 Call Wall resistance point. We do not see markets holding higher prices until this level shifts higher. The dealer hedging force is mean reverting back into 3900 with any materially move... 