I SPY a Large Channel

In SPX and SPY we have 2900/291 as zero gamma meaning dealers are going to help buy stocks on a rally up to 2900/291. These levels are based on the SpotGamma options model. Over that there has to be real buyers to continue up. 285/2850 has held recently and is a large area of put open interest. That could provide support. Expect whippy markets until then unless we get solidly over 2900/291. Over that level it will be a grind. Whats needed to clear up this range is concrete, real resolution of trade and interest rate unknowns.

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here we are 1 hr after open and weve already had a 1% down move followed by 1% up move. This is short gamma land.... see spotgamma.com for more.

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We're back to zero dealer gamma which means they don't have more to really buy here. Volatility Trigger level of 2900 has been a top in recent days/weeks. Not calling for a drop here but don't want to be long either.