BY BILL GRIFFO 

December 12, 2023

Morning Income Hunters,

Key Levels to Watch

Short Term SPX Resistance: 4,655

Short Term SPX Support: 4,575

SPX Risk Pivot Level: 4,600

Major SPX Range High/Resistance: 4,700

Major SPX Range Low/Support: 4,400

• Look for higher volatility this week (12/11), triggered by 12/12 CPI, 12/13 FOMC and into the massive 12/15 OpEx.

SPY Call walls shift higher SPX 4,600 to 4700 and SPY 460 to 465 as S&P products accumulate $5.5 billion in positive option flow.

SPY call buyers re-enter with new purchases and roll existing positions higher … Notice buying of $500 calls and closing of $460 to buy $466.

Daily Roadmap

SPX futures are unchanged in pre-market. Key SG levels for the SPX are:

Support: 4,600, 4,572

Resistance: 4,627, 4,655, 4,700

1 Day Implied Range: 0.59%

Note the IWM/QQQ Call Walls remain unchanged at 190/400.

The most likely scenario is that volatility picks up in the middle of next week during:

• CPI
• FOMC  
• Treasury Supply
• FOMC

Today, the Treasury issues – $21 billion 30 year bonds at 1pm.

Gamma Levels for our Core Watchlist:

AMD – call wall increased from $130 to $135

META – Call Wall dropped back to 430 

MSFT – Call Wall dropped back from $380 to $375

NVDA – Put Wall rises $20  back to $450

SPY – Call Wall rises $5 $460 to $465

Have a great day!

Live and Trade with Passion My Friends,

Bill Griffo