Outlook 12/17: Stock futures rise after shaky session on mixed U.S. economic data. It was the third consecutive negative day for both indexes. While the overall trend was bullish, the 0DTEs flipping positive vs negative gamma created relatively unstable intraday conditions featuring several “shake-out” moves. Downside risks cannot be ignored, but they appear to be contained. A break below SPX 6,800 would flip to negative gamma and likely accelerate a move toward 6,700-6,600 into Friday’s expiration. However, OPEX (12/19) meaningfully clears much of the positioning with over $1 trillion in delta notional expiring. Combined with holiday time decay, sustained downside appears unlikely.
ESH26 (Mar2026): YVAH 6865 YPOC 6846 YVAL 6837 GAP 6853
/ES Plan: Yesterday market closed balanced, but overnight looks bullish (PBT 6920), moving above previous value, so these're the opening and initial balance options for current session:
