skyline-trader

S&P500 full of opportunities today - based on Options flow

CME_MINI:ES1!   S&P 500 E-mini Futures
S&P500 still climbs up, making small correction downside during second part of yesterday session and then trades in range. The nearest opportunity for Longs would be after breaking above yesterday High and Gamma 0.5 (set as level automatically by script from Options flow) as this area is working currently as strong Resistance. Target placed at 4437 so calculated Extreme High of the Day - which is also inside Supply Zone. Once again expected price reaction there (marked on chart).

Important place to watch is also 4436.25 where we have located Options Gamma -0.5. Slightly below we also have Previous Day Low and Extreme Low of Day levels. Price should react from this area (marked on chart) which would lead to opportunity for Bulls. Target due to Price Reaction of Gamma -0.5 would be Pivot of the day, as this level accordingly to Trading Strategy with Gammas is statistically leading to such targets from this particular place.

If S&P500 would drop as low as 4333, where is located extreme Gamma -1 - this is worth to observe as well as breaking below it would mean anomaly (<10 sessions per year) and stong Bearish Sentence, in direction of retesting Virgin VPOC marked on chart at 4310.25.

Good Luck!

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