The Closing Print live trading and financial blog during market hours.

Opinions and estimates for ADP initial jobless claims were much worse than anticipated, yet futures are rising off the lows of the Globex session. We’ll key off institutional positioning in the days ahead.

Forget the financial media. They only have an interest in selling advertising time, and scaring you into watching their programming. If you’re worried, we suggest you follow the money.

Follow the Money

Here’s the spot gamma’s take:

“Gamma edged a bit higher. Overnight futures tested both the 2500 and 2400 levels which are interesting given the largest options OI lines up at both of those strikes. The “tail risk” may currently be on a very large move higher possibly into the 2900 area in fairly short order, particularly on any type of positive data point.”

SPY Daily Levels

The bounce this week amounts to more than +17%. Futures are rising off the morning lows, so we are eyeballing the Fibonacci levels area shaded in blue. Momentum has been shifting rather rapidly, so any improvement today suggests we will test the 50% retracement.

Click to enlarge

Futures are rising fast, and gold is back up near recent highs, printing a potential triple top resistance zone. Be careful.

There’s really nothing else to say this morning, so join us today in the trading room for our LIVESTREAM broadcast

during market hours, as we navigate the current environment. Watch, listen and trade from 9:20 AM to 4:15 PM Monday through Friday.

Happy Trading, 


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