SpotGamma Weekly

The market experienced a meaningful shift this week as SPX declined nearly 3% from the all-time highs of October 29, closing Friday at 6,729. What began as fluid, transient price action evolved into more concerning market dynamics by the end of the week. The week’s volatility behavior differed markedly from the tariff-induced selloff on October […]

Last week, SPX tested all-time highs at 6,920 while also reaching lows near the key gamma strike of 6,815 — a journey that balanced euphoria and anxiety. Wednesday morning began with a major risk alert from our AM Founder’s Note, which was validated over the next two days: the combination of the “spot up, vol up” […]

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Volatility announced its return last week as the S&P 500 swung across intraday trading ranges of 150+ handles. SPX tested both the 6,550 and the 6,700 key levels we mentioned in our AM Founder’s Note on Monday before closing up 1.7% for the week at 6,674. Persistent negative gamma set the stage for heightened realized volatility, as dealers […]

An otherwise sleepy week awoke with a jolt on Friday, following China’s announcement of restrictions on the selling of rare-earth minerals and susbequent tariff threats. Within minutes, SPX dropped 80 points from 6,750 to 6,670 – well below our risk-off level at 6,700. The market closed down 2.7% for the day at 6,553. This sharp pullback was severe, […]

Last week, SPX tested the key gamma levels at 6,640 and 6,750 we highlighted in Monday’s Founder’s Note, marking a new all-time high with a close 6,716. The impact of the government shutdown starting on October 1 seems to have barely registered. On Tuesday, the massive JPM Collar rolled from the 6,505 strike to a new […]

Last week, SPX tagged fresh all-time highs near the 6,700 Call Wall before surrendering gains in a series of controlled selloffs down to as low as 6,580, finally closing the week at 6,644. The “Stock Up, Vol Up” system flashed warning signs mentioned in last Wednesday’s AM Founder’s Note. This dynamic represents a fundamental breakdown in the normal […]

The S&P 500 closed the week at 6,661, posting a 1% weekly gain as markets navigated through the highly anticipated FOMC. What made this week particularly noteworthy was the extreme complacency at its start: one-month realized volatility sat at a meager 8%, and implied volatility hit basement-level 5% for this past Monday. These are some of the […]

The S&P 500 delivered a grinding week, closing at 6,584 on Friday and up 1.3% from Monday’s open of 6,498. The 6,505 JPM Collar call acted as a critical pivot, where previous resistance turned into support. We shared our zombie market thesis in our Founder’s Note on Monday morning: current positive dealer gamma – driven by extremely short-dated options […]

The S&P 500 delivered a volatile week: Tuesday began with risk-off positioning and a negative gamma environment, evolving into Thursday’s explosive rally, finally culminating in Friday’s blowoff top. The result? SPX closed almost exactly where it started the week at 6,482. By Wednesday, 0DTE options hit a record-setting 70% of all options volume, keeping the market […]