The resistance at 4700 was pretty solid, as we assumed in our last EOD update, but the SPX was able to push through this barrier in the late trade and closed 0,3% higher.
Should futures hold out over this level in the overnight session, then the market has a supportive base to aim for 4725. A secondary support is located at 4690 (11M gamma notional) and below that we have a cluster of strikes netting 33M of gamma (see chart).
Total net gamma improved by 103M to 482M which represents about the November 26th level and which brings the market back to "neutral" so to speak. Also back at pre-Omicron levels is the VIX who fell below 20 points today - a positive development that will certainly lure more buyers into the casino.
In terms of fundamental news I want to point out, that lawmakers are moving closer to raising the debt ceiling, which could erase another area of concern. Looking ahead, investors will receive the weekly Initial Claims report and Wholesale Inventories for October.
Should futures hold out over this level in the overnight session, then the market has a supportive base to aim for 4725. A secondary support is located at 4690 (11M gamma notional) and below that we have a cluster of strikes netting 33M of gamma (see chart).
Total net gamma improved by 103M to 482M which represents about the November 26th level and which brings the market back to "neutral" so to speak. Also back at pre-Omicron levels is the VIX who fell below 20 points today - a positive development that will certainly lure more buyers into the casino.
In terms of fundamental news I want to point out, that lawmakers are moving closer to raising the debt ceiling, which could erase another area of concern. Looking ahead, investors will receive the weekly Initial Claims report and Wholesale Inventories for October.
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9:15: Please switch over to the AM update