Midday market 10/20: Liquidity down, market indecisive, UK Prime Minister resigns

Market goes through an overnight futures session with little volatility, S&P500 continues to move around 3680-3720 after mostly 'better than expected' forecasts from corporate earning reports. Accordingly, consumer demand remains stable, keeping corporate profits largely unaffected by macro policies with holiday shopping and travel seasons approaching. Index opens and pushes up in the first 30 minutes before buyers fall into exhaustion state again, pulling SPY/SPX back to gamma flip zone 368/3700 with low trading range and market not feeling slippery due to gamma-sensitive.

Buyers mostly sit out in the morning, sector rotation quite clear with money flowing into consumer tech and consumer banking.