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      SPX 3600 - pointing the finger at you

      3600 is very big when it comes to long gamma. Dealers will get increasingly long as we approach those levels (and above) and will need to adjust deltas (sell deltas) making SPX more sticky the higher we go from here.

      SPX 3600 - pointing the finger at you
      Source: Spotgamma
      Size buying

      Garrett continues: "if everyone is so bearish, who is buying?"

      (un)natural answer = systematic community who have purchased ~100bn of global equities in the last 10 days.

      Size buying
      Source: GS
      You are consensus

      Goldman's derivatives guru Garrett: "if you’re bearish, you’re consensus … doesn’t mean you are wrong, but you are in the majority". On AAII sentiment he writes: "...investors have *never* been this consistently bearish… for 11 straight weeks, >50% or respondents have been negative on the market"

      You are consensus
      Source: GS