OANDA:SPX500USD   S&P 500 Index
Good morning.

Please consult the chart above for current gamma strikes. Total gamma registers at -737MM, while put open interest decreased slightly since Friday, but overall no significant changes can be observed.

This week will bring two important events: FOMC meeting (Wednesday) and OPEX (Friday). As of now about 30 percent of current gamma is expiring in four days. Put options with a gamma weight of -465MM and call options with a respective value of 165MM will be removed, rolled or replaced (we shall see), which could open up the possibility for increased volatility and hopefully some directional signals.
Comment: Per the FT:

The US has told allies that China signalled its willingness to provide military assistance to Russia to support its invasion of Ukraine, according to officials familiar with American diplomatic cables on the exchange.

The cables, which were sent by the US state department to allies in Europe and Asia, did not say whether China had signalled that it would help Russia in the future or if it had already started providing military support. Nor did they say at which point in the conflict Beijing appeared open to offering the help.

The Financial Times reported on Sunday that Russia had made the request for assistance at some point after the start of the now three-week invasion.

The Russian request and Chinese response have sounded alarm bells in the White House.

US officials believe China is trying to help Russia while its top officials publicly call for a diplomatic solution to the war.


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