โผ๏ธ $SPX โ not magic, just positioning. ๐ช
A large MM long put position at 7550 made the level highly magnetic.
Gamma provided support around the strike, while charm kept pulling spot toward it as time passed.
A clean example of how positioning can shape intraday price behavior.
We get these types of comment often.
Your role as a trader is not to catch every single move.
It is to identify an edge, quantify it, and exploit it when the setup is there.
Here, there was a clear structural asymmetry around 7550. Once that move plays out, you do not need to force the next one. You reassess and move on.
Structurally, $SPX is still in a suppressive charm environment, with low-to-negative gamma overhead that can amplify a reversal if spot pushes higher.
7550 remains supported by a large positioning wall.
As time passes, charm still implies dealer selling pressure in the current environment.
This Saturday marks 2 years since our official launch.
Pretty wild to look back at how things unfolded.
It all started with a friendship and a shared vision.
We went through the ups and downs, but never lost sight of what we were building.
Along the way, a few knockoffs showed up too.
Always heartwarming to see. โบ๏ธ
But what youโve seen so far was only the foundation.
The prerequisite.
Very soon, youโll understand what we were really building toward.
$SPX sits in a mild positive MM gamma regime, currently testing the 7600 strike โ a strong resistance wall backed by 4,700+ customer short calls.
Above, there are layered resistance levels at 7640, 7680, and 7735.
Main downside support sits near 7550, driven by customer short puts.
Charm is mildly suppressive around spot, keeping some headwind on the market for now โ but flips supportive above ~7615.
๐จTodayโs $SPX landscape ๐จ
--- Gamma ---
Market makers remain in a mild positive gamma environment, with spot around 7570.
The main upside level is the massive gamma wall near 7645, reinforced by 11k+ customer short calls.
That zone may act as a major resistance ceiling.
Near spot, one key level stands out: the local low/trough in gamma at 7585, linked to customer long calls.
On the downside, 7560 remains important support, strengthened by nearly 4.8k customer short calls at the 7560 strike.
--- Charm ---
Charm is mildly suppressive around current spot. Below spot, charm stays mostly mildly suppressive.
Above spot, however, a supportive charm channel opens around 7585โ7640.
If price enters that zone, charm could become a tailwind โ until the landscape flips suppressive again above 7640.
Of course, let's see how the day develops!
Todayโs $SPX landscape ๐
Overall gamma remains mildly positive for MMs.
Price is currently boxed between strong gamma support near 7475, where customers are short 3,500+ puts, and notable resistance near 7530, driven by significant customer short calls.
Higher up, larger structural resistance sits near 7570, with a much stronger wall further out-of-the-money near 7640โ7650.
Charm is mildly suppressive near the current spot around 7520, but flips supportive near 7480.
To the upside, charm remains a headwind until roughly 7560, where it flips supportive into the 7640 area.
As $SPX gets ready to open, positioning around spot looks relatively mild.
Gamma is light. Charm is mostly suppressive to neutral.
One level stands out: the charm flip near ~7550.
Above that zone, the landscape would turn more supportive, driven by two overhead clusters of customer short / MM long calls around 7590 and 7630.
Below spot, exposure remains mild for now. The main level to watch is 7450, where customer short / MM long puts are creating a gamma peak โ a potential distant support zone.
Letโs see how the day develops
๐จ Here is your 10-Second $SPX Market Recap๐จ
PS: Note how the gamma flip from negative to positive exposure has provided support throughout the second half of the session