SPX gamma exposure just did something interesting: it went nowhere.
$1.34B to $1.33B. Two sessions flat at all-time-high readings after climbing out of -$477M over five days. This isn't a bounce anymore — it's a structural floor.
Nine of the top ten strikes are now magnets. Nine of the top ten volume strikes were calls. IV at 12.3%, near the series low. The max downside accelerator is -$57M sitting 3.4% below spot — meaning there's no meaningful gamma flip nearby to amplify a selloff.
Above current levels: six consecutive magnet strikes from 7,750 to 7,900, none below $109M in exposure. The 7,800 strike alone holds +$230M just 35 points above spot. That's the densest pull corridor since early August.
Put/call ratio ticked to 1.54 from 1.13. One put in the top ten — 7,700, 65 points down. That's a single hedge, not a rotation. We'd need two or three sessions above 1.55 with the call blanket thinning to call it a shift. The blanket didn't thin.
The gamma flip zone fragmented from 7 levels to 11. Worth watching — a splitting boundary preceded the September deterioration, though this one sits 59 to 92 points below spot instead of at it.
Same setup that ground $SPX from 7,490 to 7,800 in early August: compression plus upward pull.
Wednesday range: 7,725 to 7,825.
$SPY $QQQ
$1.34B to $1.33B. Two sessions flat at all-time-high readings after climbing out of -$477M over five days. This isn't a bounce anymore — it's a structural floor.
Nine of the top ten strikes are now magnets. Nine of the top ten volume strikes were calls. IV at 12.3%, near the series low. The max downside accelerator is -$57M sitting 3.4% below spot — meaning there's no meaningful gamma flip nearby to amplify a selloff.
Above current levels: six consecutive magnet strikes from 7,750 to 7,900, none below $109M in exposure. The 7,800 strike alone holds +$230M just 35 points above spot. That's the densest pull corridor since early August.
Put/call ratio ticked to 1.54 from 1.13. One put in the top ten — 7,700, 65 points down. That's a single hedge, not a rotation. We'd need two or three sessions above 1.55 with the call blanket thinning to call it a shift. The blanket didn't thin.
The gamma flip zone fragmented from 7 levels to 11. Worth watching — a splitting boundary preceded the September deterioration, though this one sits 59 to 92 points below spot instead of at it.
Same setup that ground $SPX from 7,490 to 7,800 in early August: compression plus upward pull.
Wednesday range: 7,725 to 7,825.
$SPY $QQQ
