US stock market opens Thursday session in a not-so-pleasant mood as economic indicators only meet expectations. Cash flow continues to weaken from yesterday to this morning with SPX/SPY continuing to be pinned right above the gamma flip point 4500/450, moved up from previous 4400/440. Here, two-sided gamma pressure helps suppress volatility but also creates a magnetic pull preventing the index from moving too far up.
With volatility decreasing significantly in the last 3 trading sessions as most macro data released better or in line with forecasts, investors are shifting to hedge and de-risk for tomorrow's jobs report as well as the upcoming long weekend when market closes on Monday.
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