The S&P 500 Index ($SPX) has shown strength, surpassing the weekly options expected move above 5410, potentially leading to a sustained move above 5400. Options imply a +/-60bps move for the day due to the Federal Open Market Committee (FOMC) meeting. Next week's options suggest a 70-point move, similar to the current week but with only 4 trading days due to a holiday. The current options pricing indicates a 0.3% move for the rest of the day.
$SPX 5,420.69 Options pricing about a 0.3% move rest of day #0DTE https://t.co/7XquQoWr7O
$SPX options for next week currently implying a move of near 70 points, similar to this week but next week is just 4 days with the holiday
$SPX options implying +/-60bps for rest of day #FOMC
$SPX update https://t.co/6WNKClSuLY https://t.co/nagwDwCKKx
$SPX surpassing that weekly options expected move above 5410 ish so could create that sustained move above 5400 as dealers chase, especially in IWM and QQQ