We’ve been marking 3400 as a large gamma area for several days, and you can see from our morning data that the 3400 area was again key today. Our levels are listed above, left in the Bookmap column. You can also see dark red areas in the center of the chart which denotes bid/ask liquidity, and you can see how heavy that liquidity was at the 3400 level.
At 2pm today the Fed minutes were released, which disappointed markets. That 3400 area liquidity disappeared and the market traded down to 3375.
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