Good morning.
With equity futures, Treasuries, oil prices and even gold futures trading lower, investors are de-risking into cash. The Dollar Index is up 0.2 percent to 103.8, the VIX is up 3.4 points to 33.6 percent.
According to Chinese Premier Li Keqiang the employment situation in China is "complicated and grace" due to the lockdowns in several cities, while over in the US data on Friday showed a decline in the labor force participation rate.
Implied dealer gamma registers -996MM Monday morning. Support levels can be identified at 4050 (-38MM) and then 4000 (-84MM). Especially the latter should provide meaningful support, both from a psychological, as well as a gamma standpoint.
Please consult the charts above for the current picture.
With equity futures, Treasuries, oil prices and even gold futures trading lower, investors are de-risking into cash. The Dollar Index is up 0.2 percent to 103.8, the VIX is up 3.4 points to 33.6 percent.
According to Chinese Premier Li Keqiang the employment situation in China is "complicated and grace" due to the lockdowns in several cities, while over in the US data on Friday showed a decline in the labor force participation rate.
Implied dealer gamma registers -996MM Monday morning. Support levels can be identified at 4050 (-38MM) and then 4000 (-84MM). Especially the latter should provide meaningful support, both from a psychological, as well as a gamma standpoint.
Please consult the charts above for the current picture.