SPX gamma flipped positive after OPEX — $127M net, up from -$57M — but the local profile didn't clear. Spot at 7,674 sits in a negative pocket from 7,600 to 7,700. First positive strike is 7,725, fifty-one points away. The accelerators eased but didn't vanish: 7,500 at -$68M, 7,600 at -$53M still loaded.
Net positive from distant magnets. Locally negative where price actually sits. Same split as last week.
Flip sits at 7,648, twenty-six points below spot. Thin, but below rather than above — that's what matters.
Then the week arrives.
$NVDA reports Wednesday after the close. Its index weight means a 5–10% move translates to 30–60 SPX points — enough to carry spot into the magnets above 7,725 or through the flip below. A $127M blanket doesn't suppress that.
Warsh speaks Friday at Jackson Hole, having seen both NVDA and Wednesday morning's Core PCE.
Magnets above are intact: 7,800 at +$82M, 7,900 at +$98M, 8,000 at +$50M. Clear 7,725 and the pull re-engages.
Monday range: 7,625 to 7,740. Light suppression, pre-NVDA positioning.
$SPY $QQQ $IWM
Net positive from distant magnets. Locally negative where price actually sits. Same split as last week.
Flip sits at 7,648, twenty-six points below spot. Thin, but below rather than above — that's what matters.
Then the week arrives.
$NVDA reports Wednesday after the close. Its index weight means a 5–10% move translates to 30–60 SPX points — enough to carry spot into the magnets above 7,725 or through the flip below. A $127M blanket doesn't suppress that.
Warsh speaks Friday at Jackson Hole, having seen both NVDA and Wednesday morning's Core PCE.
Magnets above are intact: 7,800 at +$82M, 7,900 at +$98M, 8,000 at +$50M. Clear 7,725 and the pull re-engages.
Monday range: 7,625 to 7,740. Light suppression, pre-NVDA positioning.
$SPY $QQQ $IWM
