Now that November OPEX is over we turn to December. The options data ranges set themselves higher indicating a new target overhead of 3150. Market gamma overall is very high suggesting tight trading ranges and a low volatility market. http://www.spotgamma.com
3125 is the new high gamma strike meaning we should hold 3125. if volatility keeps coming down then 3150 is the target.
Trade closed: target reached:
Large options gamma at 3150 + no sign yet of a roll higher means risk reward favors closing trade