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

The markets will start the day on its back foot as S&P futures pull back to the large gamma strike at 3600. OPEX is this Friday, so the thoughts are for a pin at this level. Breadth is improving as more stocks participate in the rally back to all-time highs.

“Our major risk indicator is the gamma flip level which remains well below current SPX prices at 3500. We have a robust amount of positive gamma in the S&P ( ~$1.9bn SPY+SPX) which should be supportive of prices into 11/20.”

Brent at Spotgamma

SPY shows relative strength as RSI trends higher and above 50. MACD is above its signal line and trending higher. Volume was above average.

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SPY price action is also above the major (VBP) volume by price histogram on the left side of the chart. This is major support.

We anticipate today’s dip will be an opportunity. Watch for buyers to confirm institutions are supporting the market.

NYMO – Breadth Improving

Breadth has been striking a more bullish tone over the past few trading days, so we anticipate dips will be bought going into November OPEX.

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Note: Tesla (TSLA) was added to the S&P500. The stock is trading up to more than 50pts (+/- 460.00). ETFs following the S&P500 will need to add TSLA.

Join us today in the trading room for our LIVESTREAM broadcastduring 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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