Stocks Analysis by Michael Kramer covering: S&P 500, US Dollar Index Futures, Netflix Inc. Read Michael Kramer's latest article on Investing.com
down by 25 bps to close at 5,011. Today is OPEX, and with the passing of OPEX, we will see gamma levels unclench and the stickiness we have seen in the S&P 500 at the 5,000 level release. A good portion of that gamma will likely be released at the opening today, with monthly OPEX set to expire. However, 0DTE options continue trading until the end of the day.
As Gammalabs shows, CTAs are now sellers of the S&P 500, which is one reason why we are seeing the early buying met by that end-of-day wave of selling.Additionally, as Gammalabs shows, the S&P 500 is also in net negative gamma, which means that the market makers are not buying the dip but following the selling CTAs are doing. In negative gamma regimes, market makers follow the trend; in positive gamma, they are sellers of strengths and buyers of weakness.
Meanwhile, the stock is trading at $582, which is an important support level that dates back to July 2020. It is also quite possible that it breaks an uptrend, which is the basis for a rising wedge pattern. If that $580 region of support breaks, the next target could be that gap fill around $493.
US Dollar Index Futures Netflix Inc
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