
The S&P 500 Index (SPX) is currently experiencing minimal movement, with significant dealer gamma readings indicating a relatively stable market environment. The SPX is hovering between call resistance and the spot price, suggesting that a downward move could lead to increased volatility and a negative gamma environment. If the VIX surpasses 17, calls may move near-the-money. The $SPX 5750 strike heavy gamma is expected to be rolled later today, potentially opening up the market for more movement. The put/call ratio stands at 1.11, with calls focused at 5740 and puts at 5700. The last day of Q3 should see the JPM roll to December, which could unpin the recent quiet action near 5750. The 0DTE expected move for the rest of the day ranges from 5715 to 5755.
$SPX calls are focused at 5740 and puts at 5700 today, with a put/call ratio of 1.11 so far. $ES_F is trading just around the most active $SPX call of 5740 now in $ES_F levels. 🧲 https://t.co/vxFq5Y5gbB
The $SPX 5750 strike heavy gamma that has the market sort of stuck here gets rolled later this afternoon opening up the market for the potential to escape this area. 0DTE expected move for the rest of the day has about a 5715 to 5755 range: https://t.co/YkrKEmCokU https://t.co/MGGhoUON3M
Last day of Q3 so should get the JPM roll to Dec later today which can unpin the recent quiet action near 5750. But that doesn't mean it has to go lower.. likely can take the ceiling off this market but would love a further dip

