The S&P 500 Index ($SPX) closed at 6000.37, surpassing the prior three-week balance high at 5988 and marking the first close above 6000 since the recent sell-off. Monday's session saw the index maintain support at 6000, with intraday trading largely contained within the 6000 to 6020 range and a high of 6027.75. SPY also reached $600, while the April low for $SPX was 4,835. Volatility remained extremely low, with the CBOE Volatility Index ($VIX) trading between 17.20 and 17.70, and a 63% decline in the VIX over the past nine weeks. Options data showed a firm call-dominated setup, Net GEX increasing by 19% to 680.5M, and strong gamma support at 5975. SPX saw significant 0DTE positive gamma in the 6000-6040 range, and breadth was described as strong. Upside breakout targets for $SPX were identified at 6029, 6040, and 6050, while a failure to hold the 6000 level could lead to a dip toward 5988 or 5975. The market is awaiting the Consumer Price Index (CPI) report on Wednesday, with expectations that $SPX could trend higher if support at 6000 is maintained.
This is peak low volatility summer trading in #ES_F and as warned all day, don't overtrade, just hold runners & let them pay. As posted here 8am/in newsletter, 6k-6020 was the range to setup 6029, 6040, 6050. We held 6k to the tick, and hit 6027.75 high of day Bulls must hold 6k https://t.co/kQidEBo6dm
Ultra low vol summer session in #ES_F, but lvls working. After Friday's macro breakout, plan today posted 8am was 6k-6020 would be the range. We held 6k exact, ran to 6020, then based. This setup 3 targets 6029 (here now), 6040, 6050. Protect gains, leave runner, do nothing https://t.co/zVMVeF5vuy
$VIX https://t.co/COGxi3damy