就在今天！史上最大规模期权到期，美股将迎来“疯狂一日”？

Core Viewpoint - The unprecedented "Quadruple Witching Day" on Wall Street is set to occur this Friday, with a record high in options expiration, potentially leading to significant market volatility by year-end [1][2]. Group 1: Options Expiration Details - Over $7.1 trillion in nominal value of options contracts will expire, marking the highest record ever [2][3]. - Approximately $5 trillion of this risk exposure is linked to the S&P 500 index, while an additional $880 billion is associated with individual stocks [2]. - This event is occurring against a backdrop of a 15% increase in the S&P 500 index this year, with the index trading around 6770 points [2]. Group 2: Market Impact and Volatility - The massive options expiration could lead to two contrasting effects: increased market volatility or a "pin" effect that stabilizes prices [7]. - High trading volumes are expected as traders close, roll over, or hedge their positions, with zero-day-to-expiration options (0DTE) trading volume reaching historical highs, accounting for over 62% of total options trading [6]. - The S&P 500 index's 6800 points is identified as a critical level for bulls to defend, with market participants closely monitoring this point [7]. Group 3: Technical Analysis and Market Sentiment - The S&P 500 index is currently in a "negative gamma" zone between 6700 and 6900 points, indicating a tendency for amplified volatility [8]. - If the index can reclaim and hold above 6800 points, it may signal the start of a "Santa Claus rally," while failure to do so could lead to increased downward pressure [8]. - SpotGamma suggests potential trading strategies for investors, including call spreads near 6900 points for bullish positions and put options for bearish strategies to mitigate rapid time value decay during the holiday period [8].