Thursday December 4 2023
Good Morning Traders!Jobless claims report came out less than expected and the market is reacting positively to it this morning. Over the last week or so the market has been mostly sideways, we are waiting for further instructions if we should continue to move up or mean revert back down.Open Interest is thick on both sides of the option chain. This usually means that the market will be rangebound.
GAME PLAN
I will continues looking at the SPY $454 level for it to hold and take longs off of. Anything in between $454 and $460 is noise and should be quick scalp like trades.
Options levels of Interest
| ID | SPX | ES | SPY | QQQ |
|---|---|---|---|---|
| Call Wall | 4600 | 4656 | 460 | 400 |
| Gamma | 4550 | 4606 | 459 | 395 |
| Gamma | 4500 | 4556 | 458 | 390 |
| Bias | 4500 | 4556 | 459 | 383 |
| Gamma | 4400 | 4406 | 455 | 380 |
| Put Wall | 4400 | 4456 | 450 | 360 |
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