SPX at 7,531, down 61. The 7,500 floor held for an hour, price added ~10 points — slow grind, not a squeeze.
What changed:
Cleared SPY $750 (~7,523), the first stall point I flagged. Getting through the biggest gamma level on the map without rejection is a modest positive.
No retest of the low. An hour of trading above 7,503 is starting to look like a floor.
Still in negative gamma. 92 points under the 7,623 flip, so dealers are still selling into rallies. That's why the bounce is grinding instead of running.
From here:
Midday is usually slow. Expect chop between 7,520 and 7,550 until about 1:30–2pm.
The afternoon has the tailwinds. Charm support builds into the close, and the max-pain pull is at about 7,573. If anything carries price to 7,575, it's most likely after 2pm.
Will update soon.
What changed:
Cleared SPY $750 (~7,523), the first stall point I flagged. Getting through the biggest gamma level on the map without rejection is a modest positive.
No retest of the low. An hour of trading above 7,503 is starting to look like a floor.
Still in negative gamma. 92 points under the 7,623 flip, so dealers are still selling into rallies. That's why the bounce is grinding instead of running.
From here:
Midday is usually slow. Expect chop between 7,520 and 7,550 until about 1:30–2pm.
The afternoon has the tailwinds. Charm support builds into the close, and the max-pain pull is at about 7,573. If anything carries price to 7,575, it's most likely after 2pm.
Will update soon.