Good Morning! SPX closed almost completely flat.
There are legends all over the place of a prize just out of reach, to the point that it is unattainable even if it looks like you can get it. For example, catching a leprechaun to get its pot of gold, or getting the pot of gold at the end of a rainbow. Jason and the Argonauts tried finding a golden fleece. Related to these legends is the day that SPX closes with a change of $0.00. Yesterday we came close, and we ended with $.64 change. So close.
Friday has significant event vol for JackHole, what can we expect?
Part of the reason we keep closing so flat is because the vanna for this week is maximized at 6450. There is dramatic support down to 6435 and resistance up to 6465. However, this creates an issue for Jackhole, because if there is bad news on a macro level that pushes the market below 6400, we can make a strong downside run. Conversely, if there’s a macro push to the upside, we will make a strong upside run, but it can easily mean revert with strong resistance at the higher tenors at 6500.
Is there still a discord? I tried to join but I keep getting an error message. Can't figure out how to contact about it.