SPX closed 7,619 Wednesday, up 1.3%, right inside the 7,520–7,670 band. The real shift is structural: net gamma flipped positive for the first time since late October — +$86M vs. -$651M Tuesday — and held even after expiring options rolled off.
For the first time in two weeks, the cushion sits above spot. The magnet cluster runs 7,650 (+$92M), 7,675 (+$83M), 7,700 (+$106M). That 7,700 strike is the strongest pull on the board. The gamma flip is tight though — 7,605 to 7,616, just 14 points below close. Under it, negative gamma stacks up: 7,600 (-$57M), 7,575 (-$59M), 7,500 (-$118M).
Wednesday flow matched the setup. Calls built across 7,630–7,700. Puts piled at 7,500 and 7,550. ATM IV dropped to 14.6%.
Nvidia dropped after hours, so the open decides which regime we're in. Hold 7,605 and dealers dampen moves, with 7,650–7,700 the pull. Lose it and the flip reverses, 7,500 becomes the level. Range: 7,570–7,700.
For the first time in two weeks, the cushion sits above spot. The magnet cluster runs 7,650 (+$92M), 7,675 (+$83M), 7,700 (+$106M). That 7,700 strike is the strongest pull on the board. The gamma flip is tight though — 7,605 to 7,616, just 14 points below close. Under it, negative gamma stacks up: 7,600 (-$57M), 7,575 (-$59M), 7,500 (-$118M).
Wednesday flow matched the setup. Calls built across 7,630–7,700. Puts piled at 7,500 and 7,550. ATM IV dropped to 14.6%.
Nvidia dropped after hours, so the open decides which regime we're in. Hold 7,605 and dealers dampen moves, with 7,650–7,700 the pull. Lose it and the flip reverses, 7,500 becomes the level. Range: 7,570–7,700.