Updated GEX — SPX 6820, Approaching the Edge
Price has broken through 6830 and is now at 6820.84, down 15 points. The situation has deteriorated further. Here's what the new data shows:
Heatmap (Image 2)
Price has fallen through the gamma flip zone and is now sitting right at the boundary between green (positive gamma) and a new red zone below 6810. This is critical — the positive gamma cushion that was supposed to support price at 6820-6830 is being eaten through.
The green band has compressed — it was 6800-6850, now it's barely 6820-6840. The red zone has expanded both above (6850 ) and is now creeping in below (6780-6810).
The volume profile on the right shows price is now trading at the lower edge of today's value area. Below here is air.
Net gamma has worsened: -251,954 vs -213,038 earlier. More negative = more dealer selling = more momentum.
GXOI Joyplot (Image 1)
SPX now at 6823.88 (red line), with the yellow gamma flip at 6865.
Price has moved well below the gamma flip — deep in negative gamma territory now.
The massive put OI spikes at 6780-6820 are now right at and below current price. These puts are going deep ITM, forcing aggressive dealer hedging (selling futures).
The tallest spike near 6800 is a major level — if price reaches it, the gamma exposure there is enormous and could either act as a floor or, if breached, trigger an acceleration lower.
Volume Buy/Sell (Image 3)
Current price at 6818.65. The yellow gamma flip line at 6845.
Below current price: massive selling flow (blue/negative) extending all the way down to 6640. The depth of selling is extreme — deep spikes at 6700, 6720, 6740, 6760, 6780.
Above price: yellow (call buying) is still present at 6860-6980 but the deep negative plunges at 6860 and 6880-6900 have gotten worse — more call selling/put buying at those strikes.
The net read: sellers are firmly in control across the full spectrum.
What's Changed Since Last Update
The 6830-6850 pinning thesis didn't hold. The charm and negative gamma overwhelmed the positive gamma support. Now we're in a more dangerous zone:
6800 is THE level. Massive put OI, gamma spike, and the big round number. If this holds, it's the bounce level. If it breaks, we're looking at 6780-6760 fast.
No real support between 6820 and 6800 — thin positioning, price can slide through easily.
Upside is dead for today. The gamma flip has moved up to 6845-6865 and negative gamma above is massive. Any bounce likely stalls at 6840 at best.
The selling flow below is deep and wide — this isn't just ODTE hedging, there's structural positioning all the way to 6660.
Outlook for the Close
Base case: Test of 6800 before the close. The momentum, negative gamma, charm, and flow all point there. It's the next magnet with real substance.
If 6800 holds: Possible small bounce/pin at 6800-6810 into close. Dealers have heavy positioning there that could create a floor.
If 6800 breaks: Cascade risk to 6780-6760 is real. The red zone on the heatmap is expanding below and the put OI spikes at those levels would accelerate dealer selling.
TL;DR — Things have gotten worse. 6800 is the line in the sand. Expect a test of it. Bounces to 6840 are unlikely. Manage risk accordingly.
Not financial advice.
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