Gamma Index moves a bit more negative which forecasts higher volatility, however, 2900 still seems the viable range top. Jobless claims are out this morning and could be a catalyst as an unexpected number could potentially shift us out of the 2800/2900 range. We anticipate the range holding, but should we see a large surprise and futures break 2900 then 2900 shifts to support. In turn that could imply a new range of 2900/3000 into next Fridays Monthly OPEX. Conversely, as a break of 2800 could trigger a “gamma trap” situation and possibly a “shock” type move lower.
The above is a quote from spot gamma – please check them out.
SPY Daily
SPY 280 zone held. Price closed at the 9ema, with futures higher and back to the top of the range at 2872, a slight dip after job numbers were released.
Anticipate a sideways range until a catalyst gives us direction. Economic data has yet to do the trick so far, going into the Opening Bell.
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