SPX Gamma AM Update
Futures are trading sideways as expected, and there is not much vertical movement to be expected before today FOMC statement. Markets are pretty much "in neutral". Above 4640 gamma turns positive and above 4650 (that is a new gamma level that was added overnight) markets are supported by a "option dealer put".
A word of caution: The Feds decision today is an important infliction point that could go either way and option positioning might shift rapidly. Expect some "turmoil".
The retail sale control group missed expectations "bigly" and turned negative. That is a bad omen for Q4GDP and will make Powell's job certainly not easier.
A word of caution: The Feds decision today is an important infliction point that could go either way and option positioning might shift rapidly. Expect some "turmoil".
The retail sale control group missed expectations "bigly" and turned negative. That is a bad omen for Q4GDP and will make Powell's job certainly not easier.
Aviso legal
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