The expectation coming into today was that both SPX and NDX would make new all time highs, but only half of that came true. While SPX fell short of making a new high, NDX led the way once again and broke out to a new all-time high.

SPX had a pretty quiet day, but if you remember from my video over the weekend, the scenario of a ‘mixed bag’ was the reason for that today. Chip stocks and semis broke out once again with a pretty strong and convincing up move, but on the flip side, most of the MAG 7 were red along with the financial stocks.

As a result, SPX did a whole lot of nothing and closed down a measly 6 pennies. A negligible amount on a nearly 7800 point index.

The daily candle is barely visible, building on that theme of absolutely nothing happened today. The intraday range was also only about 26 points, which is one of the more narrower ranges we have seen in a few weeks. We are still outside of the expected move and the tiny wick to the downside from today can be considered a retest.

For the time being, we can consider 7750 an important level to the downside and it may serve as a support in the near term.

As a result of SPX doing nothing today, we also saw VIX collapse even further down, back below 15 and nearly below 14.

Zooming into SPX, this 7770-7790 area will be the key levels to the upside and a break of this range likely results in a new all-time high. I think there is a lot of heavy resistance in this area for the time being and the bears control this territory. SPX will need some momentum once again to shatter through it.

Our gamma dashboard also agrees with our chart’s technical levels, which is a nice alignment to see. On the table below, I have drawn a red box around the 7775 to 7790 area and you can see that for the 9/23 expiration (tomorrow), this area has the highest concentration of gamma currently.

This is where most of the gamma currently sits on the SPX chain for tomorrow, so either it holds like a brick wall or we shatter through it and see another gamma squeeze to new highs.

It’s always nice to see when the order flow and the analysis on the charts align, it gives more confidence in the levels we are tracking.

Hopefully tomorrow is not another dull day!

Good luck!