SPX gamma flipped negative locally even as institutions bought calls at the boundary — those two things don't agree, and that's the tell.
Gamma dropped from +$725M to +$257M. Spot sits at 5,686, nine points below the nearest flip at 5,695. Everything from 5,600 to 5,700 carries negative gamma, with 5,700 at -$55M. First positive strike is 39 points away. Net only reads positive because the magnets at 5,800–6,000 are large. Locally, the index is underneath its own structure.
Then the flow contr...
$ONG — V-Bottom Reversal, Reclaiming Nearly the Entire Downtrend +29.46% at 0.12318. This bled steadily from 0.13625 down to a low of 0.08800 over an extended stretch, then reversed hard — a fast, powerful recovery leg has taken it right back near where the downtrend started. Volume confirms the shift: it stayed relatively flat through the whole decline and even the bottoming phase, then exploded on the recovery (27.7M, the session's clear peak), a strong sign of fresh buying interest rather tha...