Midday Read - $SPY Greer says the details on the U.S.-China trade talks land Monday, and that some trade agreements came out of the two days between Trump and Xi. That's a weekend to sit on, and the tape is acting like it: SPY is up about 0.54% on the day, off a 766.29 low, and it's pressing the session high at 771.96 rather than running away from it. The cap is right there. The call wall sat at 770 for most of the morning and held, then moved up to 772 just before noon and has held that too. Meanwhile the put wall jumped from 765 to 770 at midday and has held. So the working range has squeezed into a two-point pocket with spot sitting inside it. We're above the gamma flip, which has drifted up from 768.35 to 768.97, and net gamma is +$2.24B. Dealers are long gamma up here, so their hedging leans against the move in both directions. That's the reason this grind higher has been slow instead of sharp, and it's why spot has crossed back and forth over the flip four times without much damage either way. Key levels: • 770 put wall • 772 call wall • 768.97 gamma flip Bottom line: This is a pinned tape into a weekend, with a lifted put wall underneath and a call wall that keeps getting nudged but not taken. Strength is real but it's being metered out, and the news that actually matters doesn't hit until Monday.

Morning Read - $SPY Futures point higher into the open and the S&P 500 and Nasdaq are set to close out winning weeks. On the rates side, Treasury yields are ticking higher to end the week after a global bond selloff and stronger than expected U.S. economic data, so stocks are pushing up with yields as a headwind rather than a tailwind. Greer also says details on U.S.-China trade talks land Monday, which pulls some of the event risk out of today and drops it on next week. SPY is at 769.83, up about 0.33% from the 767.26 close, and that puts it right underneath the 770 call wall. That's the wall we go in leaning on. Dealers are long gamma up here with net gamma at +$3.36B, so their hedging works against the move: rallies into 770 get sold into, dips get bought, and the range tightens. The floor under all of that is the 765.68 gamma flip. Above it the tape stays damped. Lose it and dealer hedging flips to adding to moves instead of fading them, and the next real shelf of positioning is down at the 760 put wall. Key levels: • 760 put wall • 770 call wall • 765.68 gamma flip Bottom line: This looks like a pinned Friday unless something forces it. Opening right on 770 with dealers long gamma usually means a narrow range and a magnet around max pain at 767, and the trade headlines that could actually move it don't arrive until Monday.

Midday Read — $SPY And there’s the headline. SPY spent most of the morning grinding underneath the Gamma Flip in negative gamma. Then Reuters reported that U.S. and Iranian negotiators are exploring a phased deal that could reopen the Strait of Hormuz in exchange for Washington lifting its economic blockade. The market reaction was immediate. SPY ripped from the mid-765s back toward 768 in minutes. That changes the read materially. The latest map now shows: • 765 → Put Wall • 768 → Max Pain • ~768.1 → Gamma Flip • 770 → Call Wall + Pin Strike • Dealer gamma at spot → roughly +$343M LONG Earlier, SPY was firmly below the Flip and dealers were short gamma. The headline just drove price through the regime boundary, and the latest snapshot has the book back on the long-gamma side at spot. That’s the important development. The Put Wall has re-anchored at 765, while the entire upside fight is now compressed into 768–770. So the market went from: negative gamma + failed bounce to: headline spike + Gamma Flip test + positive dealer gamma in a matter of minutes. Key levels now: • 765 → Put Wall, downside support • ~768.1 → Gamma Flip, immediate regime test • 770 → Call Wall + Pin Strike • 768 → Max Pain Bottom line: The morning selloff was structural. The midday reversal was headline-driven. Now we get to see whether the structure actually confirms it. If SPY can hold above the Flip and start accepting toward 770, this becomes a genuine regime change. If it slips back below ~768 and loses the Flip again, the headline spike becomes just another failed bounce. The catalyst changed. Now watch whether the map follows it.

Morning Read — $SPY Xi and Trump sit down today. SPY isn't waiting to find out how it goes. Futures have SPY marked around 764.64, off the 767.79 close, with the tape already leaning into the Oracle force majeure headline even as China signals a possible trade truce extension out of the AI talks. Two competing narratives, and dealers are positioned for the ugly one. Spot is sitting well under the 770.39 gamma flip and under max pain at 768, which keeps SPY on the wrong side of the line dealers watch. Net gamma is showing negative $5.15B, so this is a book that amplifies moves rather than absorbs them. If the Xi-Trump readout disappoints, there's little cushion between here and the 760 put wall. If it surprises higher, the 772 call wall is the first real resistance, but negative gamma means any rally there is more likely to get sold into than to build. Key levels: • 760 → Put Wall (first support below) • 772 → Call Wall (resistance above flip) • 770.39 → Gamma Flip (spot trading beneath) Bottom line: This is a headline-driven open with dealers short gamma underneath spot, so whichever way the Xi-Trump news breaks, expect the move to travel fast and overshoot rather than stall out cleanly.

Post-Market Read — $SPY Yields spiked. Gamma flipped negative. SPY opened right into the 772 call wall, tapped a high of 773.05, and that level held wall to wall all session — the lid never came off. Once the Treasury yield story took hold, the tape rolled over fast. The early put wall at 770 gave way inside the first hour, and spot spent the next few hours chopping around the drifting gamma flip near 770 down to 768.64, crossing it three separate times before finally settling below it into the close. Dealers tried to find a shelf near 768 in the early afternoon and it held for half an hour, but that was the last real defense — price pressed on to session lows at 766.5 before a small bounce into 767.79, a 0.73% loss on the day. That back-and-forth around the flip with no lasting bounce is the signature of negative gamma: dealers hedging with the move instead of against it, so every attempt at stabilization gets sold into rather than bought. Key levels: • 761 → Put Wall (broke through 770, 769, and 768; 767 finally held) • 772 → Call Wall (tested and held) • 768.64 → Gamma Flip (drifted 768.55–770.07; spot crossed 3x, closed below) Bottom line: Spot finished on the wrong side of the flip with dealers net short gamma, so the path of least resistance stays choppy and downside-prone unless buyers can reclaim 768.64 and force a positive-gamma reset. The 772 call wall did its job all session and remains the level to watch if that reclaim attempt comes.

Looks like 767 put wall has become the floor for now. SPY just pinning on the 768 GEX King here.

Midday Read — $SPY The map isn’t holding price today. It’s following it lower. SPY started the morning around the 773 area and has steadily bled down toward 767. But the bigger story is what happened underneath price. The 0DTE dealer structure has been repricing lower almost step-for-step with the selloff: • Call Wall: 774 → 773 → 770 → 769 • Put Wall: 770 → 768 → 769 → 768 → 767 • Pin Strike: 775 → 774 • Max Pain: holding at 771 • VWAP: now around 769.5 That’s a major shift. 770 started the morning as the Put Wall. By midday, that support was gone, the Put Wall had migrated all the way down to 767, and the Call Wall had collapsed from 774 to 769. So this hasn’t been a case of price testing a static level and bouncing. The entire center of gravity has moved lower with price. The 0DTE view also stopped reporting an actionable Gamma Flip after the opening selloff, which makes the wall migration even more useful as the intraday signal. SPY is now sitting almost directly on the newly migrated 767 Put Wall, with 769–771 stacked overhead through the Call Wall, VWAP and Max Pain. Bottom line: The important story today isn’t simply that SPY sold off. It’s that the dealer map repriced lower with it. 770 support disappeared. 769 became resistance. 767 is now the immediate test. If 767 starts accepting below (which it is trying to now) and the Put Wall migrates again, that would be a very different signal than a quick touch and reclaim.

Morning Read — $SPY AI headlines keep stacking up. SPY's gamma map barely moved. Between the Trump-Xi AI safety talk, Meta Connect, and IonQ's premarket pop, there's plenty of noise to trade around, but SPY itself is just drifting, down a touch from yesterday's 773.4 close and sitting at 772.47 heading into the open. That print keeps it right above the 770.07 gamma flip, which lines up almost on top of the 770 put wall and max pain at 771. With net gamma at +$2.09B, dealers are still net long gamma above that zone, meaning hedging flows should lean toward dampening moves rather than amplifying them, at least until spot actually trades through 770. Above, the 780 call wall is the ceiling dealers keep pinned unless something in the Microsoft upgrade or Meta Connect news actually moves the tape. Key levels: • 770 → Put Wall (sits with the flip) • 780 → Call Wall (upside ceiling) • 770.07 → Gamma Flip (just below spot) Bottom line: As long as SPY holds above 770, the positive gamma regime argues for a contained, grind-y session rather than a trending one. Slip through 770 and the flip turns negative, which is where the real volatility risk lives today.