Overnight ramp on whatever news puts us back in long gamma territory. Headline/tweet risk aside that puts the market back in lower volatility mode where >1% moves shouldn't be the norm. Looking for a short term consolidation drift here due to dealers being long gamma.
Comment:
Looks like well open back in short gamma territory making today look like a volatile one. Based on options data it seems like 285 support and 291 resistance still valid.
Trade closed: target reached:
strange choppy market right now. back in the target zone will wait for a range break for another trade.
$SPX $SPY Options Gamma Modeling
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