SPX just punched through all-time highs at 7,800 — the heaviest gamma strike on the board — and futures are holding 7,812 in the pre-market.
The gamma cushion doubled to $1.20B yesterday. Nine of the ten largest strikes are pulling price higher. Eight of ten volume strikes were calls. Five weeks ago this same setup read -$477M with SPX at 7,552 and the deepest chain of put amplifiers on record.
Now the structure has flipped entirely. Above 7,800 sit fresh magnets: 7,825 at +$158M, 7,850 at +$165M, 7,900 at +$120M, 8,000 at +$174M. Center of gravity is 7,854 — roughly 1% up from here. Clearing the heaviest strike doesn't kill the pull, it just hands it to the next one.
Below? Almost nothing. The nearest put amplifier that would accelerate a decline sits at 7,500 (-$50M), 3.5% away — the lightest and most distant downside anchor in the series. The regime line is 144 points below current.
Two caveats. Pre-market levels aren't the open. And on September 23 this read $1.33B and shed 65% within two sessions.
Today's range: 7,740 to 7,810. If the gap holds, 7,825 to 7,854 is the zone that matters.
$SPY $QQQ
The gamma cushion doubled to $1.20B yesterday. Nine of the ten largest strikes are pulling price higher. Eight of ten volume strikes were calls. Five weeks ago this same setup read -$477M with SPX at 7,552 and the deepest chain of put amplifiers on record.
Now the structure has flipped entirely. Above 7,800 sit fresh magnets: 7,825 at +$158M, 7,850 at +$165M, 7,900 at +$120M, 8,000 at +$174M. Center of gravity is 7,854 — roughly 1% up from here. Clearing the heaviest strike doesn't kill the pull, it just hands it to the next one.
Below? Almost nothing. The nearest put amplifier that would accelerate a decline sits at 7,500 (-$50M), 3.5% away — the lightest and most distant downside anchor in the series. The regime line is 144 points below current.
Two caveats. Pre-market levels aren't the open. And on September 23 this read $1.33B and shed 65% within two sessions.
Today's range: 7,740 to 7,810. If the gap holds, 7,825 to 7,854 is the zone that matters.
$SPY $QQQ
