Good Morning!

Yesterday was a choppy day in the market but our tools still showed a perfect entry for SPY when SPX reclaimed the 7500 area. Our charts show gamma and the SPY price simultaneously. It makes it very easy to see the buy and sell areas. Check out the break above 7500:

Notice the massive red wall of resistance at 7500 that spans across the entire day? If you were willing to be patient and just long SPY at the break of that range it was an easy 100% options trade!

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Whale Watching is our recurring segment where we share the most significant options buys from the previous trading day.

This options buy came in at the end of the market yesterday. I highlighted it on TikTok as my interesting options buy of the day. Wouldn’t you know… the ceasefire between the United States and Iran was called off through the night. This likely sends oil higher and stocks like XOM will benefit. The reality is someone ALWAYS knows. We caught this one on the tape and pointed it out but I wanted to share it here as well. I don’t have a position but it could be an interesting one if oil goes up more this would be a good play.

SPY is down again in premarket on announcement of an end to the cease fire agreement between the United States and Iran. You notice we are in negative gamma territory highlighted by the red exposure in the current price range. This will make moves more volatile and expansive. I always trade more conservatively in negative gamma environment. Look for some heavy movement on SPY today. It is still tradable, just proceed with caution. Breaking above 745 gets us into positive gamma territory and what would be more controlled price movement. As always, I will wait for the market to open before I make my final judgement and see how gamma aligns.

Thank you for reading another edition of OPG Order Flow. My goal is to bring you data driven information to make trading in the market easier.

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