Morning Market Notes 06-04-25

Market Calendar

$SPX & $QQQ

Impressive reaction to ADP numbers this morning — very unusual, but seems fair given the numbers presented ~35K vs. 110K expected.

We enter this session with 6000 SPX dwarfing every single strike on the board in terms of gamma — it's now a major force for the markets.

We still like under 5900 for possible downside continuation, but at this pace, 6000 seems more likely in the short term unless the recessionary mood persists or any negative tariff news pops up.

Let's have a sesh.

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