SPX gamma flipped negative after one session — Friday's OPEX cleared the puts, Monday rebuilt them instantly. That's not decay, that's demand.
Gamma went from +$127M to -$21M. The chain below spot is denser than anything we saw in early August. 7,500 at -$81M, 7,600 at -$77M, 7,625 at -$61M, spot itself at -$59M. First positive strike is 73 points out at 7,725.
Flip level sits at 7,694, 41 points overhead. Amplification is light at -$21M — nowhere near July's -$722M structure — but the sign is wrong heading into two events that can move the index 50 to 100 points.
$NVDA reports Wednesday after close. A 5-10% move translates to 30-60 SPX points. Above 7,694 the regime flips positive and magnets engage. Below 7,600 it hits the -$77M accelerator.
Warsh speaks Friday. In negative gamma, both directions travel faster than the same speech would produce at +$1B.
Magnets above unchanged: 7,800 at +$79M, 7,900 at +$89M, 8,000 at +$84M. The pull from above is intact. What's missing is anything underneath.
Tuesday range: 7,600 to 7,725.
$SPY $IWM $QQQ
Gamma went from +$127M to -$21M. The chain below spot is denser than anything we saw in early August. 7,500 at -$81M, 7,600 at -$77M, 7,625 at -$61M, spot itself at -$59M. First positive strike is 73 points out at 7,725.
Flip level sits at 7,694, 41 points overhead. Amplification is light at -$21M — nowhere near July's -$722M structure — but the sign is wrong heading into two events that can move the index 50 to 100 points.
$NVDA reports Wednesday after close. A 5-10% move translates to 30-60 SPX points. Above 7,694 the regime flips positive and magnets engage. Below 7,600 it hits the -$77M accelerator.
Warsh speaks Friday. In negative gamma, both directions travel faster than the same speech would produce at +$1B.
Magnets above unchanged: 7,800 at +$79M, 7,900 at +$89M, 8,000 at +$84M. The pull from above is intact. What's missing is anything underneath.
Tuesday range: 7,600 to 7,725.
$SPY $IWM $QQQ
