Morning Market Notes 04-16-25

Market Calendar

$SPX & $QQQ

Yesterday, we mentioned that 5500 was the most loaded level on the board, but that just changed with the recent options positioning and the overnight tariffs chatter. The 5400 $SPX now holds the largest gamma exposure, and we closed below it yesterday—another key level highlighted in our notes.

Combine that close below 5400 with the tariffs chatter, and the gap down from Futures open last night into the equities open this morning makes sense.

There’s still slight momentum to the upside on low volume, so if we see 5400 break with strength, a push into 5450—and perhaps 5500 into Thursday—is to be expected.

Conversely, a break below 5300 could intensify intraday selling.

Let’s have a sesh.

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