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

Futures up +35 handles this morning pushing negative gamma lower. VIX Index shifted into an area where we anticipate 2%-3% expected moves, as a result, volatility has increased. Volume seems muted which would imply little market movement, yet volatility is increasing.

SPY has large open interest at 270/280, 2700/2800 SPX rendering support, and resistance respectively. In addition, the 21d held yesterday, but price action could not manage a move back above the 9ema (275.98).

We’d anticipate any move above the 9ema (275.98) to stop at 280 (+/-) in the short-term, for the reasons depicted herein.

Click to enlarge

“As the market is currently in the middle of a band of larger open interest strikes, which could mean that trading tied to these strikes will keep the market contained to a zone between 2750–2800.” spot-gamma

S&P500 Most Active

These stocks were the most active on Tuesday. Despite the crude oil mess, many are from the energy sector. Watch these today for follow-through.


Finally, a catalyst is needed to move price action, both higher and lower. Moves higher will likely see waning dealer buying above the 2800 zone while retreating price action could bring out dealer sell volume.

Consequently, we aren’t anticipating much of a move above Wednesday’s overnight Globex session highs (2777 +/-), barring any unforeseen bullish catalyst that might hit the airwaves today. Therefore, we see greater risk to the downside. “Buying the dip” should be done with caution, and smaller size until VIX drops back below the 50d moving average.

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, 


Want to become a member? Check details here:

Disclaimer:  Do your Own Research

Our content is intended to be used and must be used for informational purposes only. It is very important to do your own analysis before making any investment based on your own personal circumstances. You should take independent financial advice from a professional investment advisor in connection with, or independently research and verify, any information that you find on our Website and wish to rely upon, whether for the purpose of making an investment decision or otherwise. Trades and or positions listed and taken from the watchlist are my own and should not be considered “advice” to enter any particular position or asset.

Investment Warnings

We would like to draw your attention to the following important investment warnings. The value of shares and investments and the income derived from them can go down as well as up; Investors may not get back the amount they invested – losing one’s shirt is a real risk; past performance is not a guide to future performance.

Live Sessions

Live broadcasts are educational in their content. Proper risk management is considered on every trade or asset mentioned. 

*** Stocks highlighted are for information purposes only and should not be considered as advice to purchase or to sell mentioned securities. 

As always, the use of technical and fundamental analysis is encouraged in order to fine-tune entry and exit points to average seasonal trends. 

These mentions are stocks that we may or may not decide to trade as outlined in the watchlist. Always use a stop.