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

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SPY put butterfly

May 17 2026

NVDA earnings vs. a stretched S&P 500

For the fourth consecutive week, the S&P 500 has struck records highs. This week’s breach of SPX 7,500 even arrived in the face of hotter-than-expected CPI and PPI prints — data that historically would have triggered a meaningful selloff. The tone shifted somewhat on Friday, as the rally lost steam into monthly OPEX. The week […]

Written by Sherry An · Categorized: Market Analysis, SpotGamma Weekly · Tagged: call options, dealer gamma, dealer hedging, Gamma Exposure, implied vol, market makers, May OPEX 2026, NVDA earnings, NVDA implied move, options market analysis, options volatility skew, semiconductor stocks, spotgamma weekly, SPY put butterfly, tail hedge options

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