Market sentiment was mixed last week following NVDA earnings and Jackson Hole. While NVDA’s solid outlook pushed the market to within inches of all-time highs, Warsh’s hawkish tone seemed to increase the probability of a September rate hike. Throughout August, the S&P 500 has closed in a narrow 2.6% band (SPX 7,600 – 7,800). The […]
Market Analysis
Jackson Hole 2026: What the Options Market Expects
SPY forward IV prices Jackson Hole as a non-event, but CTAs are stretched short Treasuries and SPX gamma flips near 7780 — an asymmetric setup into Friday.
One Stock, 803 ETFs: Why Nvidia Earnings Impacts the Entire S&P 500
Brent Kochuba joined CNBC to discuss Nvidia’s earnings, Salesforce, and how options traders repositioned across bond ETFs after comments from Treasury Secretary Bessent.
NVDA Earnings: The Options Market May Be Underpricing This Move
NVDA reports Wednesday after the close with the options market pricing a 5.5% move — below its 7.4% average realized move over the last 12 quarters. Dealers are short gamma above $220, call skew sits at the 81st percentile, and a distorted term structure opens up a calendar spread setup.
Volatility Has Compressed. What Happens Next?
The S&P 500 pulled back slightly last week, and the market’s recent volatility compression phase appears ready for a reset. With earnings season largely over, both index and single stock volatility have dropped from the elevated levels that prevailed earlier this summer. Our pre-market Founder’s Note on Friday explained how substantial short-options positions cleared with […]
Another SpaceX Unlock, and Why $150 Still Caps the Stock
Roughly 300 million SpaceX shares came on the market Thursday, but no new stock was created and there is no dilution. The binding constraint on SPCX sits higher: call selling at and above spot has left dealers with positive gamma, making $150 the new ceiling.
Options Exchange Monitor — Week of August 15, 2026 (36 SEC notices, 2 CFTC, 0 EDGAR)
SpotGamma tracks structural and regulatory changes in the U.S. options market: SEC SRO rule filings, CFTC actions, and OCC clearing notices. This update summarizes what changed and why it matters for options traders. Executive Summary OCC STAN Methodology Update (Doc 2026-15928) — APPROVED: The OCC has received SEC approval to incorporate options-implied interest rates as […]
GEX Levels for SPY, QQQ, ES and NQ: Using Index Gamma in Any Product
How to use GEX levels when you trade SPY, QQQ, or ES/NQ futures: converting SPX and NDX gamma levels between products, why the structure transfers, and what changes for 0DTE and futures sessions.
How to Trade GEX Levels: A Practical Guide to Gamma-Based Trading
How do you actually trade GEX levels? Reading the gamma regime, using call and put walls as support and resistance, the zero gamma flip point, and how strategies change between positive and negative gamma.
Free GEX Levels, Charts, and Data: What’s Available and What It’s Actually Worth
Where to find free GEX levels, charts, and data — including SpotGamma’s free SPX gamma exposure tool — plus what free gamma data can and can’t tell you, and when it’s worth paying for more.