$SPY opened at $764.90, down 0.09% — and the overnight session made the structure worse, not better.
Dealer gamma flipped deeper negative: from -$876M to -$1.08B. That means dealers amplify moves instead of dampening them. The composite flipped from +24.7 (bullish lean) to -13.0 (neutral). The cliff at $760-$761 grew heavier — now -$205M and -$184M respectively. About $670M of negative gamma sits between $760 and $765, and price is already below $765.
Two small improvements: premium tilted more call-heavy (62% to 71%), so the afternoon put-buying eased. And positive gamma moved closer — now starts at $768 instead of $772. Price is about $3 below it.
Skew is still inverted at -0.77% for the second straight session. Calls priced above puts. The engine is flat — nobody pressing either direction yet.
The read: money leans up, dealer book leans down and got heavier overnight. Price sits between the $768 positive zone and the $760-$761 cliff, the two largest negative strikes on the board. If $760 breaks, the next accelerator is $755 at -$163M.
Cold PPI signal is day 13 of 20: $SPY is +0.93% from the September 10 close, now below the +1.22% historical average with seven sessions left.
Levels: $768 is where support turns positive. $764.90 is price. $760-$761 is the cliff. $774 is the ceiling. $779.30 is the record.
Flow leans up. Structure leans down. $760 is the line to watch today.
Dealer gamma flipped deeper negative: from -$876M to -$1.08B. That means dealers amplify moves instead of dampening them. The composite flipped from +24.7 (bullish lean) to -13.0 (neutral). The cliff at $760-$761 grew heavier — now -$205M and -$184M respectively. About $670M of negative gamma sits between $760 and $765, and price is already below $765.
Two small improvements: premium tilted more call-heavy (62% to 71%), so the afternoon put-buying eased. And positive gamma moved closer — now starts at $768 instead of $772. Price is about $3 below it.
Skew is still inverted at -0.77% for the second straight session. Calls priced above puts. The engine is flat — nobody pressing either direction yet.
The read: money leans up, dealer book leans down and got heavier overnight. Price sits between the $768 positive zone and the $760-$761 cliff, the two largest negative strikes on the board. If $760 breaks, the next accelerator is $755 at -$163M.
Cold PPI signal is day 13 of 20: $SPY is +0.93% from the September 10 close, now below the +1.22% historical average with seven sessions left.
Levels: $768 is where support turns positive. $764.90 is price. $760-$761 is the cliff. $774 is the ceiling. $779.30 is the record.
Flow leans up. Structure leans down. $760 is the line to watch today.
