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S&P 500 Stock Market Gamma Trading Levels Based on Options Open Interest

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options term structure

Jul 12 2026

Volatility Approaches Record Lows — Is It Priced Too Cheap?

SPX term structure chart showing implied volatility curves from July through September 2026, with major events labeled.

The S&P 500 spent early July grinding higher with sector rotation quietly forming beneath a calm index. As SPX price action remained relatively muted over the past week, implied volatility dropped to near-record lows as of Friday: IV for contracts expiring next week now sit in the 6-10% range. Regardless of any directional bias for […]

Written by Sherry An · Categorized: Market Analysis, SpotGamma Weekly · Tagged: dealer gamma, earnings volatility, Gamma Exposure, implied volatility, July OPEX, market makers, Netflix options, NFLX earnings, options positioning, options term structure, options trading, realized volatility, S&P 500 volatility, spotgamma weekly, SPX put fly, synthetic gamma

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