SPY Thots – Pre Market 7/29/2021
Seems like we are in very tricky and sticky area. Price has fallen but recovers to close above 438. Jerome's speech yesterday was dovish because he pretty much said that there is no plan to raise rates in the near future. Also, everyone and their momma is expecting some sort of correction or large pullback real soon. This includes myself. And in my experience, the market rarely works like that.
From Gamma point of view, we are in negative gamma unless we close over 440. If we do get a pullback, I have a hard time seeing it go below 430 in the near term,
Side note: When I post SPY GEX, it is usually in the very near term, next 4-5 trading days.
Personally, I'd like to see a drop to around 433-434 to go long again.
Largest gamma wall is at 445.
Submitted July 29, 2021 at 03:27PM by ES_F_King
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