$SPY at $767.04, down half a percent, but the signals are splitting hard.
The good: Composite flipped lean bullish (+24.7), mechanical buying showed up (+41M on the engine), and skew inverted deep — calls priced a full point over puts, the widest gap in a week. Opening flow ran 9:1 calls, 5:1 puts. Institutions are bidding.
The bad: The dealer book went more negative (-$876M on the options surface), so moves still amplify. Put buying grew through the afternoon even though net flow stayed positive at $548M. The cliff between $760 and $765 now holds $430M in gamma, with $765 alone at -$155M.
Price is pinned. Positive gamma doesn't start until $772, $5 above spot. The magnets at $775 (+$95M) and $780 (+$106M) didn't budge. The record sits at $779.30.
Cold PPI signal is day 12 of 20. $SPY is up 1.22% from the September 10 close — exactly on the historical average.
The money wants higher. The structure says wait. Overnight decides which one wins.
The good: Composite flipped lean bullish (+24.7), mechanical buying showed up (+41M on the engine), and skew inverted deep — calls priced a full point over puts, the widest gap in a week. Opening flow ran 9:1 calls, 5:1 puts. Institutions are bidding.
The bad: The dealer book went more negative (-$876M on the options surface), so moves still amplify. Put buying grew through the afternoon even though net flow stayed positive at $548M. The cliff between $760 and $765 now holds $430M in gamma, with $765 alone at -$155M.
Price is pinned. Positive gamma doesn't start until $772, $5 above spot. The magnets at $775 (+$95M) and $780 (+$106M) didn't budge. The record sits at $779.30.
Cold PPI signal is day 12 of 20. $SPY is up 1.22% from the September 10 close — exactly on the historical average.
The money wants higher. The structure says wait. Overnight decides which one wins.
