ZeroGEX @ZeroGEXOptions

Zero gamma-flip crossings and two untouched walls in a negative-gamma regime is the tell that today was positioning, not resolution, ahead of CPI. zerogex.io

Post-Market Read — $SPY Oil at $100. Stocks didn't like it. SPY spent the whole session digesting a yield spike through 4.9 percent and crude breaking back above $100 on Iran war fears, and the tape just leaked lower all day, closing at 757.62 versus Wednesday's 762.35. What's notable is what didn't happen. Price never got close enough to test either the 765 call wall or the 755 put wall, chopping instead in a tight band between session high 760.11 and low 756.64. Spot didn't come remotely close to the gamma flip. That's negative gamma with no real fireworks: dealers are short gamma, so every dollar move should get amplified, but the tape simply drifted down inside the walls rather than testing them. With CPI due before the bell tomorrow, that containment looks more like pre-print positioning than conviction. Key levels: • 755 → Put Wall (never tested) • 765 → Call Wall (never tested) • 770.95 → Gamma Flip (drifted 769.34–771.18; spot held below all session) Bottom line: A negative gamma tape that drifts instead of whipsaws is usually a tape waiting on a catalyst, and tomorrow's CPI print is that catalyst. Until then, 755 and 765 stand as the untested rails for whatever reaction the data triggers.

@taobanker @creserve25 Let me see if I can put something together to demonstrate that. If you’re interested I can keep you posted. Should have something by tomorrow

@taobanker @creserve25 Actually, this is something we can pretty easily add to the pipeline and is a great idea. We already have the underlying quote data, we just don’t currently track spread/liquidity metrics around it.

@taobanker @creserve25 I track NDX from the positioning side, but I haven’t been watching the actual bid/ask spreads closely enough to give a good answer on execution quality. Appreciate the h/t @creserve25 🙏

Watch whether the flip at 770.7 keeps drifting higher intraday — if spot stays pinned below it while yields keep climbing, that's dealers marking the ceiling further away from the tape in real time. zerogex.io

Midday Read — $SPY Oil at $100 and yields near 4.9 percent. That's the tape SPY is digesting. The index slid out of the gate on the rate spike and has spent the session grinding between 756.64 and 760.11, currently sitting at 758.2, down about half a percent on the day. What's notable is what hasn't happened: neither the 755 put wall nor the 765 call wall has been tested, and spot has obviously stayed below 770.7 gamma flip all session. That's a market chopping in the middle of its range rather than fighting at an edge, but the setup underneath is still negative gamma at −$7B, so dealers are positioned to amplify whichever way this breaks once one of those walls actually comes into play. Key levels: • 755 → Put Wall (never tested) • 765 → Call Wall (never tested) • 770.73 → Gamma Flip (drifted 769.34–770.73; spot held below all session) Bottom line: This is a holding pattern, not a resolution. The inflation scare from oil and yields is doing the work on price, but until spot tests 755 or 765 the negative gamma backdrop is coiled rather than firing.

Morning Read — $SPY Oil's back over $100. Yields followed it higher. SPY is marking down for it, sitting at 757.75 after closing yesterday around 762, as the prolonged Iran war narrative pushes crude to levels last seen in May and drags the 10-year up through 4.9 percent on inflation fears. That puts spot well below the 771.76 gamma flip and comfortably under the 770 call wall, but still sitting above the 755 put wall with max pain up at 764. Dealers are net short gamma here at −$11.31B, so this isn't a market that wants to sit still into the open — expect the tape to lean into whatever direction the oil and yield headlines push it, with 755 the first real test if the selling continues and 764 the level bulls need to reclaim just to get back to neutral. Key levels: • 755 → Put Wall (first line of defense) • 770 → Call Wall (distant resistance overhead) • 771.76 → Gamma Flip (spot trading well below) Bottom line: This is a macro-driven gap, not a dealer-flow one, but the negative gamma regime means whatever oil and yields do today gets amplified rather than absorbed. Watch 755 first — that's where the story either stabilizes or accelerates.

@Apo__strophe So close! Your lines/levels are playing out very cleanly. x.com/ZeroGEXOptions…

ZeroGEX @ZeroGEXOptions

3 days ago

@Apo__strophe Wow excellent call! I would be surprised if we didn’t retest the lower line at around 760 this week.

1 0 1 93 0

Post-Market Read — $SPY Trump talked oil and rates today. SPY didn't need the headlines to slide. Spot opened at 764.09, leaked lower through the session, and closed at 762.37 — down about half a percent from Tuesday's 766 close — without ever trading back above the 770.58 gamma flip. That's negative gamma all day, dealers short gamma at −$4.28B net, and it showed: the tape ground lower in a straight line rather than finding real two-way flow. The interesting fight happened late. Around 3:13, the put wall briefly pulled up to 763 and held as support, then within the hour the call wall dropped to that same 763 print and held as resistance, with dealers pinning the tape in a 2-point band right into the final hour before the walls snapped back out to 760 on the put side and 770 on the call side for the close. Session low came in at 760.94, just above the standing put wall, while the high at 764.47 never got close to testing the flip overhead. Key levels: • 760 → Put Wall (moved 760 → 763 → 760; 760 never tested) • 770 → Call Wall (moved 770 → 765 → 763 → 770; 770 never tested) • 770.58 → Gamma Flip (drifted 769.82–770.73; spot held below all session) Bottom line: Spot spent the entire session on the wrong side of the gamma flip, and negative gamma did what it does — amplified the drift lower instead of cushioning it. Into tomorrow the structure resets back to 760/770, but the real tell today was that 763 squeeze, where dealers fought the tape from both sides in under an hour.

@AyeAyeTrader Love seeing this. That’s exactly how I hope people use ZeroGEX. Not as a standalone signal, but as another piece of confluence alongside VWAP, order flow, and market structure. Nice trade, and I really appreciate the shoutout 🙏

That 763 level flipping from held support to held resistance inside forty minutes is the clearest print of a dealer book fighting itself you'll see all week. zerogex.io

Notice the call wall got yanked down to 765 within the first half hour and price still never came close — that's not resistance holding, that's demand never showing up in the first place. zerogex.io

Midday Read — $SPY Oil's doing the talking today. SPY isn't listening to anything else. Brent cracking $101 on the Persian Gulf escalation, a fresh Canada import ban, and Cramer telling his desk to get cautious on data centers... none of it mattered as much as the fact that SPY opened at 764.09 already sitting below the 770 gamma flip and never got back above it. The call wall repriced down from 770 to 765 in the first half hour, and price never even sniffed either level — the session high of 764.47 came and went before that wall even settled in. Instead spot has bled straight down to 761.6, pressing the 760.94 low of the day, right on top of the 760 put wall without actually testing it yet. That's the negative gamma tell: dealers are short gamma below the flip, so every leg down gets a hedging push behind it instead of a brake, which is exactly why this has been a grind lower with no real bounce rather than a two-way tape. Key levels: • 760 → Put Wall (never tested) • 765 → Call Wall (moved 770 → 765; 765 never tested) • 770.07 → Gamma Flip (drifted 769.82–770.27; spot held below all session) Bottom line: Spot's been below the gamma flip all session with zero crossings, and until buyers actually defend 760 this stays a slow bleed with dealers adding to the pressure, not absorbing it.

If oil keeps grinding toward triple digits into the cash open, the 760 put wall stops looking like support and starts looking like the next magnet in a book this short gamma. zerogex.io

Morning Read — $SPY Oil at $100 again. Gravity wins. SPY is indicated lower into the open, sitting near 763.5 versus yesterday's 766 close, and it's already trading well under the 771.97 gamma flip before the bell even rings. Cramer's own framing this morning (take that with a grain of salt 🙄) was stocks facing an uphill climb against crude near triple digits, and the tape is agreeing before Bessent even gets to the podium for the buyback details at 11. With spot below the flip and net gamma sitting at −$4.53B, dealers are positioned short gamma the whole way down, which means any slide toward the 760 put wall can accelerate rather than get cushioned, and any bounce back toward 770 is likely to get sold rather than chased. Max pain at 767 is basically right where price got left overnight, so expect some pinning chatter, but the real fight this morning is whether 760 holds as support or turns into another air pocket. Key levels: • 760 → Put Wall (first line of defense) • 770 → Call Wall (overhead resistance) • 771.97 → Gamma Flip (spot trading beneath it) Bottom line: This is a negative gamma tape trading under its flip with oil doing the damage before the open, so moves toward 760 or back up to 770 both carry more velocity than usual. Watch whether the 11 a.m. Treasury buyback news gives dealers a reason to flip the script, because right now the structure is built for acceleration, not calm.

keyboard_arrow_left Previous keyboard_arrow_right Next

@Apo__strophe Wow excellent call! I would be surprised if we didn’t retest the lower line at around 760 this week.

Midday Read — $SPY Oil is doing the talking. Equities are just listening. Brent ripping to $98 on the Houthi strikes against Saudi energy infrastructure, plus fresh sanctions on Iranian airlines, has put a bid under crude and a lid on risk appetite, and SPY has spent the session paying for it. Price opened at 769.02, pushed as high as 769.70 and stalled right there, never actually testing the 770 call wall before rolling over to session lows near 766. Spot has sat below the 771 gamma flip the entire session with zero crossings, and net gamma is running deeply negative at −$2.26B, so every leg down gets dealer hedging leaning into it rather than against it. The 760 put wall hasn't been touched yet, but with the tape pressing lows and the geopolitical backdrop still hot, that's the level to watch if this loses steam. Key levels: • 760 → Put Wall (never tested) • 770 → Call Wall (tested and held) • 771.13 → Gamma Flip (spot held below all session) Bottom line: This is a market fading risk on the back of an energy-driven geopolitical shock, not a technical breakdown, but the negative gamma regime means any acceleration toward 760 could move fast and ugly rather than grind. Until spot reclaims 771, dealers are amplifying the downside, not cushioning it.

Zero crossings on the flip despite a 4.5-point round trip tells you dealers never got the chance to flip long gamma today, which is exactly why the Hormuz headline produced a spike instead of a grind. zerogex.io

Post-Market Read — $SPY Oil headlines out of the Strait of Hormuz did the driving today. The gamma structure just kept absorbing it. SPY opened at 769.02, slid to 765.14 as the Iran-U.S. sub seizure story hit the tape, then clawed back to 769.70 into the close without ever tagging the 770 call wall that held for all 390 minutes of the session. The 760 put wall never came into play either — spot never got remotely close. Meanwhile the gamma flip drifted up from 771.32 to 771.56 over the day, and spot stayed under it the entire time, zero crossings. That's a full session spent inside negative gamma with net GEX at −$2.69B: dealers short gamma the whole way, so every headline swing got amplified instead of absorbed, and the bounce off 765 had no real follow-through once it ran into 770. Key levels: • 760 → Put Wall (never tested) • 770 → Call Wall (tested and held) • 771.56 → Gamma Flip (drifted 771.04–771.56; spot held below all session) Bottom line: SPY spent the whole day boxed between a call wall that never cracked and a put wall that was never tested, with the flip drifting further out of reach the entire session. Negative gamma held the tape hostage to headlines rather than technical levels, and that regime carries straight into tomorrow with spot still on the wrong side of 771.56. Will 760 be tested this week? 👀

@azrael_options I completely agree with you. Good chance 760 gets tested this week.