Bloomberg: To Charlie McElligott, a cross-asset strategist at Nomura Securities, the fact that the S&P 500 has been hovering around the 3,100-3,150 level in recent days suggested that the overall dealer profile remains “moderately long- to neutral-Gamma.” After the event, the gamma-related equity exposure could shrink by nearly 42%, he estimated. If history is any guide, investors may need to get ready for a market pullback or a wider trading range, McElligott warned. Since 1994, the options expiration in June has seen stocks falling 88% of the time over the following week, with the S&P 500 sliding 1.2% on average, the firm’s data showed. That pattern, along with some deteriorating momentum and breadth indicators, is a recipe for market weakness to Russ Visch, a technical analyst with BMO Capital Markets. “Between the current technicals and the historical tendencies, the bias appears to be the downside for equities all the way out into next week,” said Visch. “The short-term pullback which began last week is not over yet.”