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BSby u/bsantoso·16hDiscussion

SPX Weekly Options Expiry Impact - Nov 17

With the significant notional value set to expire this Friday, Nov 17, for $SPX options, particularly the large concentration around the 4500 strike, I'm anticipating potential volatility. The gamma profile suggests a continued magnet effect around this level leading into expiry, but post-expiry, the market could be freed up for a move. Considering the recent rally, and the current RSI levels, do others see a potential for some profit-taking or consolidation once this hedging pressure dissipates? Or is the underlying momentum strong enough to absorb the unwinding and push higher?

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