Midday market 12/23: SPY pulls back to 380, PCE as expected

US stocks open the trading session before the Christmas holiday with much more stable sentiment than yesterday. Large put gamma expiration helps relieve some pressure on the market while investors show no signs of panic roll hedge with SPY pulling back near 380 while options flow put/call remains quite stable.

Note, many parties are using put/call ratio volume to assess fear and panic dominating the market, but that data is heavily influenced by “crossing” which they think means puts are being sold and bought more times than calls, but it doesn't indicate direction or bias of investors.

Total US corporate earnings generally unchanged in Q3 2022: