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

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risk management

Mar 08 2026

Geopolitical Risk Hits a Fragile Market

SPX gamma exposure heatmap by strike price showing negative gamma conditions on March 6, 2026.

Markets entered last week on fragile footing. In our previous Sunday note, we emphasized how negative dealer gamma, extreme put skew, and heavy 0DTE options activity set the market up for a trapdoor scenario. This created a market structure vulnerable to sharp drops and spikes in volatility, as we saw play out last week. The dramatic […]

Written by Simon Scholten · Categorized: Market Analysis, SpotGamma Weekly · Tagged: Compass, dealer gamma, dealer positioning, forward implied volatility, forward-vol, geopolitical risk, iv, negative gamma, put skew, risk management, spotgamma weekly, SPX, Synthetic OI, trace, volatility, Volatility Skew

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