After ending the week right at the important level 4600 on Friday, big tech cools off and pulls the entire S&P500 block down this morning before finding support at volatility trigger level 4550. Despite the light pullback, the market still maintains behavior as in a positive gamma environment with mean reversion occurring quite quickly this morning.
SPX gamma levels are generally maintained as before with most call build up still only at 4600, showing that the gamma pin structure 4550-4600 for SPX remains firmly in place at the current time.
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