🚨
$SPX GAMMA REGIME JUST FLIPPED — BUT FEAR IS STILL HERE
SPX gamma turned positive on Friday, moving from -$477M to +$128M as the index gained 65 points. But there’s a major warning signal: 📉
Put volume surged, with the Vol Put/Call ratio hitting 1.80 — the highest level in 120+ sessions.
CPI attracted buyers, while OPEX removed the near-term puts behind last week’s volatility. But that fear didn’t disappear — it rolled into the next expiration cycle.
⚠️ The headline gamma looks healthier, but remaining expirations are still net negative gamma.
SPX is around 7,657, with key negative gamma concentrated between 7,500–7,650.
🔥 September 18 OPEX now holds 57% of remaining gamma, making it the next major volatility catalyst.
Expected range: 7,600–7,725
Wider moves could be coming. Trade carefully and manage risk. 👀
#SPX #Stocks #Options #Gamma #Trading