On Monday July 19th markets were quite weak with ES futures near 4280. SpotGamma’s morning report highlighted the risks to this markets, but noted that 4240 in SPX was likely the low due to the way options were positioned.
This call in our AM note was cited by Bloomberg Reporter Yakob Peterseil:
Nice call in today's @spotgamma morning note, if it holds. I assume it's that mysterious gamma doing its thing. pic.twitter.com/NRfLbzzGbX
— Yakob Peterseil (@YPeterseil) July 19, 2021
As you can see this is where the market stopped declining, testing that level twice on the day.
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