We are in negative gamma territory, so expect violent price action in both directions. Downside should be limited to 1000-1200 due to two massive put walls. Above 1098.5 vola diminishes and we could establish a sustainable upswing.
Comment:
The level about $1000 as expected proved to be a major resistance and starting point of a forceful intraday rally. Remember we are in a negative gamma environment, which means that price action in both directions is highly amplified.