Morning Market Notes 01-08-25
Market Calendar
$SPX & $QQQ
$QQQ & $SPX 01-07 levels
After a clean downtrend yesterday, we’re looking ahead to the FOMC Minutes and Consumer Credit prints today.
In terms of positioning, there’s an interesting development in the options landscape, particularly with $SPX options. It appears to be creating “artificial” strong levels out of nowhere. Today’s key levels seem to be 5945 and 5870/5865. It looks like some kind of short-term spread trade, but it’s massive in notional terms.
Reminder: the stock market is closed tomorrow in honor of Jimmy Carter.
Let’s have a sesh.
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