At a critical juncture while hanging on a pivot for both 200D and zero gamma.
The 200D regression trend turned up positive as the tail is now at the peak of aug bull rally.
Total S&P 500 gamma is neutral around zero gamma / 4k.
No vol events and no flows from options means lower daily distributions.
Bulls
- Slow grind up here into CPI.
- Low CPI/PPI Only on Mar14/15.
- VANNA/CHARM flows to pick back up
- Target is ~405 JHEQX Call Pin
Bears
- Bears have not had a lot of help from any negative gamma
- A turn below 200D would give the acceleration lower needed to go negative
- Target is JHEQX Put at ~363
The 200D regression trend turned up positive as the tail is now at the peak of aug bull rally.
Total S&P 500 gamma is neutral around zero gamma / 4k.
No vol events and no flows from options means lower daily distributions.
Bulls
- Slow grind up here into CPI.
- Low CPI/PPI Only on Mar14/15.
- VANNA/CHARM flows to pick back up
- Target is ~405 JHEQX Call Pin
Bears
- Bears have not had a lot of help from any negative gamma
- A turn below 200D would give the acceleration lower needed to go negative
- Target is JHEQX Put at ~363
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Gap above and below.
If you're a long time reader you will recognize the gaps that I referenced since 2021.
If you're a long time reader you will recognize the gaps that I referenced since 2021.
inverse H&S to watch for. JHEQX call pin brings us right to neckline.