Net liquidity stands at $5793 bn, with overnight reverse repo at $1 bn and the QT pace over four weeks at -$4 bn, under a neutral posture and no macro tilt. The 3-month/10-year curve sits at +109 bp, the 10-year breakeven at 2.36 pct, and the rate path priced at -95 bp, while the general collateral rate holds at 3.87 pct. The dollar index reads 121.38. Initial claims came in at 197k, with a four-week figure of 200k. If liquidity stays at this level and claims hold near these marks, then the backdrop remains broadly steady.
The first contract closed at 775.49 against a prior close of 779.55, holding above its zero-gamma line of 774.2 by 17 bp in positive gamma, with walls at 780.0 and 760.0 and a magnet at 775.0. In positive gamma, if spot stays above the line, then dealer flow tends to dampen moves toward the magnet. The second contract sits at 753.52, below its zero-gamma line of 753.7 by 2 bp in negative gamma, with walls at 760.0 and 750.0 and a magnet at 750.0. If spot stays below the line there, then flow can amplify moves. VIX reads 15.02, with term upward and skew at 143.04.
Numbers as published by the liquidity ledger and the options-positioning feed at 08:30 ET. Structure describes dealer hedging mechanics, not a forecast.
Educational only — not financial advice. Options trading involves substantial risk.