Rates Are On The Cusp Of Moving Higher, Again

Evening edition

Stocks ended the day mostly higher, with the S&P 500 rising approximately 30 basis points. The trading session remained well-contained, primarily driven by hedging flows. Currently, the VIX opex appears to be the primary release valve for the S&P 500, given the presence of the hedge wall, key gamma strike, and put wall all at 17. These levels help maintain the VIX around 17, implying that market makers are likely sellers of the VIX above 17 and buyers below, consequently keeping the S&P 500 pinned.