Midday market 03/23: Unemployment figures continue to ignore interest rate pressure

After a strong reversal in the final hour of yesterday's trading session under panic sell pressure and 0DTE put hedge flow from FOMC, the market bounced back in today's morning session as 0DTE volume, mostly at 390 expiring out-of-the-money, created a shorts-cover rally on the index. Not only that, money also rotated into too-big-to-fail banks, mega-cap tech, and government bonds, which investors see as the safest at the moment. However, morning liquidity remains very low, indicating organic buy hasn't really appeared yet, meaning new money hasn't entered the market, plus ongoing negative gamma flow from 0DTE continues to create resistance capping SPX at 4000.