SPX gamma structure stopped bleeding Thursday after shedding 65% the session before. Flow flipped from 6-of-10 puts Wednesday to 8-of-10 calls Thursday — and the drop stopped with it.

Gamma went from $468M to $447M. Essentially flat after the Wednesday purge.

Vol put/call ratio fell 1.35 → 1.19. Call buying concentrated 7,710–7,750, at and above spot.

But the structure didn't rebuild — it just stopped falling. Near-spot profile unchanged: 7,600 at -$98M, 7,650 at -$88M, 7,700 barely negative at -$6M. First positive strike sits 21 points up at 7,725. The accelerator chain below held the same magnitudes rather than deepening.

Flip sits at 7,695, nine points below Thursday's close. Positive regime, thin cushion. A nine-point move at the open changes the local sign. Same boundary positioning as the August oscillation.

Magnets above never weakened through any of this: 7,800 at +$139M, 7,900 at +$99M, 8,000 at +$91M.

The week in four lines: Monday +$1.34B on a 114-point rally. Tuesday held. Wednesday shed 65% on a 59-point drop. Thursday stabilized.

Today resolves whether the call buying rebuilds it or the thinning resumes.

Range: 7,670–7,760.

$SPY $SPX $QQQ