Market Recap 05/24: FOMC has nothing new, debt ceiling continues to be the market's focus

Market pullback amid fear psychology about debt ceiling and lack of certainty from FOMC Meeting Minutes

Market opened today's trading session with considerable fear from yesterday's pullback. Dow Jones stocks and especially financials lost points right from the opening minute, pulling SPY close to the important gamma level at 410 - this is a very important gamma level as most put strikes are concentrated above this level and in the 410-400~SPY has no support.