$SPY opened Monday at $771.91, up 0.30% — sitting $2.09 below the $774 ceiling and $7.38 from the all-time high at $779.30. Last week closed red by $1.71, down 0.22% Friday to Friday.

The weekend options surface flipped from +$265M to -$4M (basically flat). That's a much softer reset than the prior week's -$712M Monday crash. Composite sentiment shifted from -1.9 to +23.9, leaning bullish. Premium structure: 70% calls, $318M net.

Positive gamma starts right at $771 and stacks higher: $772 (+$129M), $774 (+$79M), $775 (+$110M), $780 (+$169M), $785 (+$211M), $787 (+$170M). Negative gamma sits below $770 — $767 (-$159M), $765 (-$82M), $760 (-$114M). Price is perched just above the negative zone.

The $774 ceiling has capped every recovery since July. This is the sixth test. Above it, the path to the record runs through positive gamma at every major strike. $QQQ already made a new high Friday. $SPY is still waiting.

Cold PPI signal: day 17 of 20. $SPY is up 1.86% from the September 10 close, ahead of the 1.22% historical average. Three sessions left in the window.

$771 is support. $774 is the door. The window is open.