SPY 2PM Friday Aug 21 monthly OPEX final 2hrs
$765.73 +0.41%. GEX improved $300M through session. OPEX working.
Morning vs afternoon:
GEX -$1,093M → -$793M
Cushion +$2.28 → +$2.96
Skew -0.27% → -1.19%
Negative gamma lightened $300M as expiring contracts decay. $765 cliff was -$409M morning, -$514M now on aggregate but expiring portion bleeding out real time. Significant chunk of that -$514M disappears at close.
Skew deepened to -1.19% — second deepest reading of series, matching Tuesday's -1.22%. Institutions loading upside calls into monthly OPEX close. Every session this week skew inverted when structure weakest. Every time resolved higher. Most aggressive institutional call buying relative to puts heading into close we've recorded.
$770 magnet at +$98M is 0.6% above — target for OPEX jolt. Expiring negative gamma at $765 decays final hour. Magnet at $770 pulls. Hedge unwind buying kicks in. Same path mapped this morning.
Flip $762.76 hasn't moved all day. Rock solid. Cushion $2.96 thin but holding.
Four trading days to $NVDA. OPEX clears cliff. Weekend repositions. Monday reveals September surface.
$763 flip. $765.73 price. $770 magnet. $789 target. NVDA Wednesday.
Cliff expires in two hours.
$SPY $QQQ $NVDA
$765.73 +0.41%. GEX improved $300M through session. OPEX working.
Morning vs afternoon:
GEX -$1,093M → -$793M
Cushion +$2.28 → +$2.96
Skew -0.27% → -1.19%
Negative gamma lightened $300M as expiring contracts decay. $765 cliff was -$409M morning, -$514M now on aggregate but expiring portion bleeding out real time. Significant chunk of that -$514M disappears at close.
Skew deepened to -1.19% — second deepest reading of series, matching Tuesday's -1.22%. Institutions loading upside calls into monthly OPEX close. Every session this week skew inverted when structure weakest. Every time resolved higher. Most aggressive institutional call buying relative to puts heading into close we've recorded.
$770 magnet at +$98M is 0.6% above — target for OPEX jolt. Expiring negative gamma at $765 decays final hour. Magnet at $770 pulls. Hedge unwind buying kicks in. Same path mapped this morning.
Flip $762.76 hasn't moved all day. Rock solid. Cushion $2.96 thin but holding.
Four trading days to $NVDA. OPEX clears cliff. Weekend repositions. Monday reveals September surface.
$763 flip. $765.73 price. $770 magnet. $789 target. NVDA Wednesday.
Cliff expires in two hours.
$SPY $QQQ $NVDA