Gamma has crept up with price action, as the S&P500 shifts to positive gamma above 2891.00. VIX is a bit higher this morning, tagging the 33.00 (+/-) zone in early trading.
SPY Zero Gamma 289
As VIX fades and gamma renders more positive levels, price action should continue to narrow in its daily ranges. The 9ema and 21d are just below supplying support as prices rise.
RSI is above 50 and rising, in addition to MACD, as the trend continues.
Futures are off the highs of the session, drifting lower into the ADP unemployment numbers, with The number of Americans applying for initial unemployment benefits decreasing to 3.83 million in the week ending April 25.
Continuing claims jumped to a record 17.99 million in the week ending April 18, the report said, up from 15.81 million a week earlier. Continuing claims data is reported with a one-week lag.
Look for the markets to digest these numbers in the first few hours.
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