Midday market 06/05: Market melt-up, investors head to FOMC

Tech upgrades pull market into melt-up

Market opens first trading session of the week in quite comfortable sentiment with energy and industrial sectors pulling futures in overnight session after OPEC's oil production cut decision. A series of mega cap tech stocks upgraded early morning, especially Tesla and Apple, helping Nasdaq sector surge right from open, pulling money back to tech and stabilizing market in the morning. As mentioned in previous analysis, SPX call wall pushed up to 4300 with extremely strong call concentration on Thursday last week helping market fully in positive gamma zone, continuing to compress volatility. With absence of sellers in the morning, SPX starts melt-up to 4300. Currently, this is considered top-of-range until next week's FOMC, especially with JPM collar trade at 4320.