The S&P 500 is experiencing artificial pinning at exactly 6055—the JP Morgan call strike expiring December 31st with 45,000 calls—which is suppressing market movement to tight daily ranges and constraining upside to roughly 50 basis points per day due to positive gamma positioning
causalpending
Speaker
Brent KachubaEvidence Quote
“if we don't shake under 6,000 or over 6100 by Friday's Clos and I think we're just pin 6055 in the JP Morgan strike into 1231 expiration cuz there's so much gamma there”
Source
Tesla, MicroStrategy and An Inside Look at the Biggest Options Expiration in Market History— Excess ReturnsCreated: 8/11/2026, 8:03:54 AM
My Notes
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