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"Dealer gamma has fallen off a cliff and is now at peak-short levels"

DC Lite #567

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Daily Chartbook
March 30, 2026

Welcome back to DC Lite: Daily Chartbook’s free, entry-level newsletter containing 5 of the day’s best charts & insights.

1. Gold ETF flows. "It's now four consecutive weeks of outflows for gold ETFs - they saw net outflows of US$4bn (~34 tonnes) last week. That's the fourth consecutive weeks of outflows. All regions saw losses, lead by Asia and North America."

2. Daily Sentiment Index. "Sentiment still has room to capitulate."

3. VIX positioning. "Based on commercial trading positioning, this suggests volatility is likely at or near a peak, as you can see by the red dots on the chart below."

4. Dealer gamma. "Clearing month-end should be significant from a technical lense. Dealer gamma has fallen off a cliff and is now at peak-short levels. As of Fridays close, dealers are short over -$7bn of gamma (the second lowest reading on record, via squeezemetrics). We expect this short gamma pocket to roll off at the end of the month."

5. Return drivers. The Energy sector has seen a material jump in earnings growth estimates. This figure was negative 3 weeks ago.

ICYMI

"That's now a 5-week losing streak for the S&P 500, the 21st since 1970"

DC Lite #566 | Individual income tax refunds, stocks vs. oil, S&P 500 5-week losing streak, selloff duration, S&P 500 company earnings guidance Q1

www.dailychartbook.com/p/that-s-now-a-5-week-losing-streak-for-the-s-p-500-the-21st-since-1970-a738

"Retail investors are showing early signs of rotation toward a more defensive stance"

DC Lite #565

www.dailychartbook.com/p/retail-investors-are-showing-early-signs-of-rotation-toward-a-more-defensive-stance-5375

Tech's premium over the S&P 500 has all but vanished

DC Lite #564 | Hormuz negotiation window, , DXY vs. rate differentials, Equity Euphoria Indicator, Tech premium gone, S&P 500 profits outlook

www.dailychartbook.com/p/tech-s-premium-over-the-s-p-500-has-all-but-vanished

"The SPX is pricing a 175bps daily move every session from now until June expiry"

DC Lite #563 | US Flash PMIs, implied Fed funds move, SPX daily implied moves, QQQ-SPX implied volatility spread, S&P 500 return drivers

www.dailychartbook.com/p/the-spx-is-pricing-a-175bps-daily-move-every-session-from-now-until-june-expiry-31d2

"A day after the heaviest down volume in NYSE history, we get the heaviest up volume"

DC Lite #562 | US-Iran Pressure Index, gold ETF flows, US equity positioning indicator, NYSE up vs. down volume, S&P 500 valuation vs. profitability

www.dailychartbook.com/p/a-day-after-the-heaviest-down-volume-in-nyse-history-we-get-the-heaviest-up-volume-6431

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