Recession has arrived, but pundits still try to put lipstick on it ("Yay, the US has the cleanest dirty sheet!"), while BofA slashes SPX target to 3600 today and sees a possible floor at 3000-3200, pointing to the stark divergence between MOVE and VIX (thanks for waking up to that very obvious fact).
SPX dealer gamma -929M. 3700 is a monster gamma strike with 115M of negative gamma attached. The support better holds or else..