Meta Strategy Trading Portfolio – Probability Map Update.

Has OpEx Unpinned the Market?

The S&P 500 remains stuck right in the middle of a consolidation box that has kept price constrained in a tight range over the past three months.

The index finished last week precisely at the 20 dma and zero gamma level on OpEx Friday’s market close.

The most probable point in time for a break of this pin is the week after OpEx, when large amounts of gamma expire.

However, the direction this break will take is unclear.

This is one of the times that it’s best to sit on our hands and ignore short-term market noise.