Market makers' positive gamma positioning around 7,500 has been acting as a stabilizing force that constrains S&P 500 volatility within a narrow range
Too little corroboration in the last 3 days to call a trend (3 articles). Watching for it to gain traction.
Mainstream financial press is carrying this — attention has broadened beyond specialist outlets.
"The long-term relative strength picture is also significantly improved for CHD with the ratio to the SPX having established a higher low. Intermediate-term relative momentum has turned higher as well, supporting outperformance during what could remain a volatile Q3 for the broader market."
"Options traders and market makers in Chicago were quick to buy dips below 7,500 in the benchmark index Friday, but almost as quick to sell rallies above that level."
"These areas of activity can act as guardrails on the highway of trading, creating areas of support and resistance... Options traders see it as the main reason the S&P 500 has stayed mostly within a 200-point range since mid-May."