SPX closed Friday at 7,811.54 with net gamma at +$1.17B. Surface looks stable — all 10 top strikes still acting as magnets. But the flow underneath turned defensive.
Volume put/call spiked to 1.83, the highest we've tracked. Call volume dropped from 753K to 518K. Put volume held near 950K. Five of the top 10 volume strikes were puts, all below spot: 7,775 / 7,760 / 7,750 / 7,700 / 7,600. Thursday had 8 of 10 as calls.
That put flow is eating the floor:
7,800 gamma: +$181M → +$112M
7,750 gamma: -$17M → -$73M
Gamma flip moved from 7,749 to 7,778 — now only 34 points below spot.
Above 7,778, dealers stay long gamma and magnets at 7,875 / 7,900 / 8,000 support a controlled drift higher.
Below 7,778, the cushion disappears. Lose that level and 7,750 becomes an accelerator toward 7,700.
Today's expected range: 7,775 to 7,850
Hold 7,778 → drift to 7,875–7,900
Lose 7,778 → 7,750 opens, then 7,700
One elevated put/call reading is a warning, not confirmation. Two or three sessions above 1.55, plus thinning gamma, would confirm the shift. Tonight's print matters.
Monthly OPEX Friday.
$SPX $SPY
Volume put/call spiked to 1.83, the highest we've tracked. Call volume dropped from 753K to 518K. Put volume held near 950K. Five of the top 10 volume strikes were puts, all below spot: 7,775 / 7,760 / 7,750 / 7,700 / 7,600. Thursday had 8 of 10 as calls.
That put flow is eating the floor:
7,800 gamma: +$181M → +$112M
7,750 gamma: -$17M → -$73M
Gamma flip moved from 7,749 to 7,778 — now only 34 points below spot.
Above 7,778, dealers stay long gamma and magnets at 7,875 / 7,900 / 8,000 support a controlled drift higher.
Below 7,778, the cushion disappears. Lose that level and 7,750 becomes an accelerator toward 7,700.
Today's expected range: 7,775 to 7,850
Hold 7,778 → drift to 7,875–7,900
Lose 7,778 → 7,750 opens, then 7,700
One elevated put/call reading is a warning, not confirmation. Two or three sessions above 1.55, plus thinning gamma, would confirm the shift. Tonight's print matters.
Monthly OPEX Friday.
$SPX $SPY