After the continuous rally on the 5th day, the market cooled off in the just-passed 6th day with “mean reversal” trade continuing to return and dominate the market. All call walls of SPX, SPY and QQQ were far exceeded in the first hour of the trading session before being pulled back with SPY and QQQ closing below call wall.
Moving to today, SPX Call Wall has been pushed from 4500 to 4600, with a large amount of puts added at level 4500, making this a fairly clear gamma pin level.
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