Real-time dealer positioning for SPY, SPX, QQQ, NDX, ES & NQ. Gamma levels • Call/Put Walls • GEX • Flow. Know the levels that matter before price gets there.
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Joined December 2025
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Morning Read - $SPY
Premarket has a little bid to it. SPY is around ~771, up 0.2% from yesterday's ~769 close, with Nvidia out talking up its Vera Rubin racks shipped in a container and SpaceX up 8% before the bell on an earnings beat and Musk floating a SpaceX-Tesla tie-up. Away from that, mortgage rates came down for the first time in two months and demand still fell, and oil is sitting still while traders work through the Strait of Hormuz headlines.
Positioning hasn't caught up to the mood. We're under the gamma flip at ~774 with net gamma at -$3B, so dealers are short gamma here and their hedging pushes moves along instead of calming them down. That's the setup where a push through 773 can run and a slip can pick up speed just as fast.
The 0DTE map is tighter and sits right on top of price. Today's expiring options put the flip at ~772, barely a dollar overhead, with the 0DTE put wall up at 770 instead of the 760 on the full chain. So the near-term switch flips a lot sooner than the all-expirations one, and the 0DTE support is right under our feet rather than eleven points away.
Key levels (all expirations):
• 760 put wall
• 773 call wall
• ~774 gamma flip
Key levels (0DTE only):
• 770 put wall
• 773 call wall
• ~772 gamma flip
Bottom line: The whole fight today is in the ~771 to 773 pocket: reclaim the 0DTE flip at ~772 and the hedging flow gets friendlier fast, stay under it and every move keeps getting amplified.
Watch whether 770 does any work on a dip, because that 0DTE put wall is the only thing standing between spot and a very empty stretch down to 760 on the full chain.
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Post-Market Read - $SPY
Today was basically a round trip around the regime boundary.
SPY flushed into the mid-764s early, then ripped nearly 8 points to just under 772. That rally actually carried price through the Gamma Flip, briefly putting dealers into a long-gamma regime at spot.
But it didn’t stick.
SPY lost the Flip, fell back under 770, and spent most of the afternoon grinding sideways between roughly 768 and 770 before closing around 769.3, up about 0.4% on the day.
The wall migration tells the better story:
• Put Wall started at 765
• Repriced up to 769 as the rally developed
• Call Wall moved 770 → 773 as price pushed higher
• The rally failed to hold above the Flip
• Call Wall returned to 770
• By the close, Put Wall had reset back to 765
So this wasn’t really a case of levels getting steamrolled all day. The map moved higher with price, then reversed when the breakout failed to gain acceptance.
Max Pain finished at 769, almost exactly where SPY settled, while the Gamma Flip ended overhead around 771.7.
With today’s 0DTE rolling off, here’s the map for tomorrow:
• 765 Put Wall
• 769 Max Pain
• 770 Call Wall
• ~771.7 Gamma Flip
Bottom line: 769–770 is the immediate battleground, but ~772 is the actual regime switch.
Reclaim and hold above the Flip, and the tape can move back into a more stabilizing long-gamma regime.
Stay below it, and short-gamma conditions remain in play, with 765 the downside structure that matters.
Acceptance + migration > the first break.
The tell is whether the 770 call wall gets taken out and stays taken out, because that's the gate to the flip and the only way this tape gets dealers damping moves instead of feeding them.
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Morning Read - $SPY
Crude is the story going in. U.S. crude topped $105 and Brent is at five-month highs with the Middle East still in focus, and the UK is sending jets to help defend Saudi cities. On top of that, Nasdaq futures are under pressure, GM is selling off on earnings, and the data center names are sliding again after a Korean IPO dropped 30%. SPY is down 0.1% at ~766 ahead of the bell.
That puts us below the gamma flip at ~771 with net gamma around -$4B. Dealers are short gamma down here, so their hedging runs with the move instead of against it. Selling begets selling, and bounces get the same treatment in reverse. The 765 put wall is right under the tape, and that's the first thing to watch, because it's the one piece of support in this map and it's about a dollar away.
The 0DTE map is tighter than tight. Today's expiring options have the put wall at 765 and the call wall at 766, with spot wedged between them. That is a pin setup until one side gives. Clear 766 on today's chain and the next real friction overhead is the 770 call wall, with max pain at 768 in between.
Key levels (all expirations):
• 765 put wall
• 770 call wall
• ~771 gamma flip
Key levels (0DTE only):
• 765 put wall
• 766 call wall
Bottom line: SPY opens short gamma in a one-dollar 0DTE box, which usually means slow and sticky right up until it isn't. The 765 put wall is doing the heavy lifting, and losing it with dealers hedging into the move is the scenario that gets ugly fast.
765 is the big level today. Watch whether the oil bid keeps bleeding into the big tech names, because with the data center group already under pressure, a weak Nasdaq is what drags SPY through 765 rather than letting it pin.
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The narrow gap between the 770 call wall and the ~771 flip means a clean push through that zone would do two things at once, clear the biggest call strike and put dealers back on the long gamma side for the first time in this stretch.
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Post-Market Read - $SPY
SPY got the bounce, but couldn’t keep it.
Price opened around 767, pushed toward 770 through the morning, then spent most of the afternoon giving it back. SPY finished around 766.5, up roughly 0.4% on the day but close to the session lows.
The more interesting story was underneath the tape.
SPY never reclaimed the Gamma Flip. It stayed above price all session around 770.3–770.7, with a tap but zero crossings, so dealers remained modeled short gamma from open to close.
The structure changed with the rally and then changed again when it failed:
• Put Wall started at 765
• Migrated up to 769 as SPY rallied
• Fell back to 767 as price rolled over
• Call Wall held around 770 for most of the session
• Late in the day, the Call Wall repriced down to 768
That last part matters. The morning rally pulled the dealer map higher with it, but price couldn’t establish itself above the 770 area. As the rally unwound, the nearby structure compressed back down around price.
By the close, SPY was sitting beneath VWAP and well beneath the Flip, with 767 Put Wall / 768 Call Wall effectively bracketing the tape and the broader regime boundary still overhead near 771.
With today’s 0DTE rolling off, the reset map for tomorrow is:
• 765 Put Wall
• 770 Call Wall
• ~771 Gamma Flip
Bottom line: Today wasn’t simply a failed rally. The dealer map initially repriced higher with price, then reversed course as the rally lost acceptance.
For tomorrow, 770–771 is the reclaim that matters. Get above it and hold, and the hedging regime starts to change. Stay below it, and dealers remain short gamma with 765 the first major downside structure to watch.
Acceptance + migration > the first break.
Let's see if we accept below 767 now. If so I anticipate a fairly quick drop to test the 765 put wall
Morning Read - $SPY
Europe is the story this morning. French unrest is feeding debt crisis fears, with Paris-listed stocks, bonds and the euro all lower. SPY is shrugging at it for now, trading around ~767, up 0.5% from Friday's close near ~763.
That puts us right under the gamma flip at ~770 with net gamma at -$4B. Below the flip dealers are short gamma, so their hedging runs with price instead of against it: moves get extended, not damped. The call wall sits at 770 too, so that zone is doing double duty as the ceiling and as the switch into the calmer regime. Max pain is 767, basically where we're opening.
The 0DTE map is tighter. Today's expiring options put the 0DTE put wall right at 767 and the 0DTE call wall at 770, with the 0DTE flip way up at ~775. So the day's own positioning boxes price into a narrow shelf, and the support that matters intraday is sitting at spot rather than down at the 765 put wall.
Key levels (all expirations):
• 765 put wall
• 770 call wall
• ~770 gamma flip
Key levels (0DTE only):
• 767 put wall
• 770 call wall
• ~775 gamma flip
Bottom line: SPY opens pinned between a 0DTE put wall at 767 and a 770 call wall that doubles as the gamma flip, which is a tight box to start the week. Until price gets through 770, dealers stay short gamma and any headline out of Europe gets amplified rather than absorbed.
If 767 gives way, the next real shelf on the full map is the 765 put wall, and with dealers short gamma the trip between them tends to be faster than the distance suggests.
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Post-Market Read - $SPY
Crude rose sharply Friday as Iran escalated attacks in the Strait of Hormuz, with Ukraine vowing to hit Russian refineries, and Brent touched $110. SPY opened at ~773, and spent the rest of the session going one way. It closed at ~763.30, down 1.2%, just above the session lows at ~761.
The gamma picture never gave buyers any help. The flip sat around ~774 all day and price was below it from the opening bell to the close, zero crossings. Dealers were short gamma the whole session with net gamma at -$5B, so their hedging pushed with the move instead of against it. That shows up in the put wall log: 772 broke, then 770 broke, then 768 broke, then 765 broke. Support kept getting rebuilt lower and kept getting run over. The call wall walked down with it, from 775 to 770 to 765, and none of those were ever challenged.
The map for Monday is tight. The put wall sits at 762 and the call wall at 765, with the close wedged between them at ~763. The flip is way up at ~775 and max pain at 772, so a lot of ground has to be made up before dealer hedging starts damping moves again.
With today's 0DTE rolling off, here is the map for Monday:
• 762 put wall
• 765 call wall
• ~775 gamma flip
Bottom line: This was a trend day with dealers short gamma and nothing on the chain able to hold a bid, which is the worst combination for anyone buying dips. Until SPY can get back up toward ~775, the mechanics stay on the side of the move rather than against it.
Morning Read - $SPY
Fed's Warsh didn't signal anything on rates this month and leaned on the "synchronous tightening" line from central banks fighting inflation. SPY is taking that calmly, up 0.2% and sitting around ~773.
That puts price basically on the gamma flip at ~773, which is why the regime reads neutral. Dealers aren't clearly long or short gamma here, and net gamma is only +$573M, so there isn't much of a cushion either way. A move up through 775 or down through 772 is where the hedging picks a side.
The 0DTE map is the part worth watching. Today's expiring options share the same 772 put wall and 775 call wall, but the 0DTE flip is way up at ~779. On that book dealers are short gamma all the way from here to ~779, so intraday pushes can get amplified instead of damped even while the full chain looks balanced.
Key levels (all expirations):
• 772 put wall
• 775 call wall
• ~773 gamma flip
Key levels (0DTE only):
• 772 put wall
• 775 call wall
• ~779 gamma flip
Bottom line: A tight 772 to 775 box with max pain sitting right at 772 argues for a grinding Friday, but the 0DTE short gamma zone underneath ~779 means any break out of that box can travel faster than the all-expirations map suggests.
The tell is which side of ~773 price settles on in the first hour, because once the flip is behind it the thin amount of net gamma gives dealers little reason to lean against the move.
zerogex.io
Post-Market Read - $SPY
Headlines had bonds catching a bid as money moved to safety in a tech rout, and SPY still finished green. It opened ~766, got sold down to ~764 early, then spent the rest of the day grinding back and closed ~772, up 0.3% and pressing the highs at ~773.
The walls kept giving way on the way up. The early put wall at 765 broke, the 770 call wall broke, and the next one at 772 broke too. That's what a short gamma tape looks like when it gets going: spot stayed under the gamma flip all session, which drifted from ~774 up to ~775 without a single cross, so dealer hedging was pushing with the move instead of leaning against it. Net gamma at -$3B says the same thing.
For tomorrow the map is tight. The call wall sits at 772 right where we closed, the put wall is 770 just underneath, and max pain is 771 in between. The flip is still above at ~775, so the short gamma setup carries over until price gets through it.
With today's 0DTE rolling off, here is the map for tomorrow:
• 770 put wall
• 772 call wall
• ~775 gamma flip
Bottom line: SPY clawed back a weak open and closed right on top of its call wall, but it did it entirely under the flip, so the moves keep running rather than fading. With the walls stacked within a couple dollars of the close, either there's a quick squeeze out of that pocket or the chop is very narrow.
Watch the ~775 flip, because that's the line where dealer hedging turns from amplifying these swings to damping them, and today's tape never got close enough to test it.
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