$SPY GEX Update — Sept. 15
Spot: $760.16
Today's heatmap shows
$SPY sitting almost exactly on the largest gamma battleground on the board: $760. The structure is sharply divided: strong negative gamma below 762, followed by a substantial positive-gamma cluster beginning around 763–765.
Key Gamma Levels
🟢 775 — major longer-dated call concentration
🟢 770: +$45.6M — major upside level
🟢 766: +$115.7M
🟢 765: +$251.9M — major positive-GEX wall
🟢 764: +$306.1M — strongest nearby positive GEX
🔴 762: -$221.8M
🟣 760: -$2.0B — dominant negative-GEX node
🔴 759: -$138.2M
🔴 755: -$377.0M
The Most Important Structure
Today's gamma transition is remarkably clear:
758: -$271M
759: -$138M
760: -$2.0B ← SPOT
761: -$189M
762: -$222M
763: +$128M
764: +$306M
765: +$252M
That makes $762–763 the key gamma transition zone.
$SPY is currently at $760.16, meaning price is still sitting in the negative-gamma regime.
The implication: 760–762 could be unstable and momentum-sensitive. A directional break can potentially move faster than traders expect.
$760 Is Today's Battleground
This is easily the most important level.
Today's $760 strike carries roughly -$2.0 BILLION GEX.
And it gets even more interesting across expirations:
TODAY: -$2.0B
Sep 16: -$123.5M
Sep 17: -$13.7M
Sep 18: -$1.4B
Sep 25: -$244.6M
Oct 16: -$80.5M
So $760 isn't simply another support/resistance level.
🟢 Bull Scenario
The bullish sequence I want to see is:
760 hold → 761 → 762 → 763 reclaim
The critical part is 763.
Why?
Because that's where TODAY gamma flips from:
762: -$222M → 763: +$128M
If
$SPY establishes itself above 763, the upside structure becomes much more favorable:
763 → 764 → 765 → 766/768 → 770
And 764–765 becomes the first major upside target/resistance cluster.
I'd consider $765 the major call wall / positive gamma wall today.
🔴 Bear Scenario
Failure to hold $760 changes the picture quickly.
My downside map becomes:
760 → 759 → 758 → 757 → 755
The level I'd pay particular attention to is 758.
There's approximately -$271M TODAY GEX there.
If 758 breaks cleanly and attempts to reclaim it fail, 755 becomes the major downside target, where TODAY GEX is roughly -$377M.
Below 755, downside structure becomes considerably less supportive.
🟡 Base Scenario
SPY chops around:
759–762
This is probably the worst place to anticipate direction.
There's enormous negative gamma around 760, while the positive gamma regime is sitting only a few dollars overhead.
I would rather see the market prove which side controls 760 than guess.
🎯 Best Setups Today: