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Pre-market US stocks with the latest GEX.. The positive gamma cap above continues to exist.. It has just shifted to short-term (expiring tomorrow).
After the giant options settlement this afternoon, you can feel the released liquidity actively positioning for longer-term options..
GEX changes almost every hour... and there are significant discrepancies between different platforms..
First, look at Laevitas ( Chart 1)
You can see the current major impact zones, with 90k being a huge negative gamma zone..
There is some doubt here because the conclusions differ from other platforms.
Assuming this is correct, if the price goes above 89.5k, volatility will continue to increase (push upward).
However, 91k remains a large positive gamma zone (meaning if liquidity is insufficient, it still can't go higher). The positive gamma at 91k will be affected by tomorrow's options, which will be released at 4 PM tomorrow.
At the same time, the previously large positive gamma cushion below at 80k has weakened.. Currently, the largest positive gamma zone below the price is still at 75k.
Let's also look at institutional-level data from amberdata ( Chart 2)
They show that the current 88k is a slightly positive gamma zone, thus suppressing volatility.. (similar to Laevitas's conclusion).
But at 90k, there's an enormous positive gamma zone (contradicting Laevitas's conclusion).
The disagreement is at 90k.. So if the US stock market can provide some volatility again tonight at open, it can further verify what exactly is happening around 90k..
(Actually, the margin of error is about 1000 points, mainly whether the price struggles to go above 90k or 91k if it rises).
Overall, the cap above is still there, but it is all short-term options suppression. (Within 1-2 days).