SPX Put Wall moved down to 4100 on Friday, creating a magnet pulling the market down near the put wall before finding buying support. As a result, the market is entirely in the negative gamma zone with VIX above 20.
On a broader view, the largest gamma concentration for SPX is at 4000. In theory, this area will facilitate SPX recovery as time passes. However, the put pressure in the 4000-4200 range is too great, combined with high VIX, delta doesn't decrease enough to create momentum for market maker rally.
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