Our options metrics show an extended market due to the amount of positive gamma. There is significant open interest at the 3150 level which we do not see being rolled higher (yet) due to both the FOMC and tariff deadlines over the next weekend. Just as what happened on Monday/Tuesday we think that any put buying could cause a move down in the market as dealers need to hedge those puts buy selling futures. We think its very difficult to have a market view past this Friday 12/13 because of the China tariff deadline. We do anticipate a volatile back half of December due to the catalyst of the tariff decision but also substantial open interest in the December options expiration. www.spotgamma.com
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looks like enough volume has traded in options today to move the new call wall higher to 3200.
$SPX $SPY Options Gamma Modeling
www.spotgamma.com
www.spotgamma.com