Updated September 4, 2026, 3:55 PM ET
▲ POSITIVE GAMMA
Positive gamma — spot above the 7690 flip
Moves dampened; walls act as pins / magnets.
Net GEX +27B → +20BSpot -10 ptsspot 7718.45 · band ±10% · 2026-09-04 19:55Z
Net GEX (all strikes)
+19.78 B$
per 1% move
Gamma flip (zero-γ)
7690
spot above → positive
Call wall (max +GEX)
7800
upside magnet
Put wall (max −GEX)
7500
downside rail
Short-dated γ
0-1DTE 27%
≤7d 42% · front-loaded
Liquidity / fragility
DEEP
VIX term structure gauge
VIX / VIX3M
14.38 / 17.57
term 0.818
GEX by strike — M$/1% (band ±10%)
Worth noting. Net GEX moved -8B to +19.8B — the positive cushion is thinning.
Into the close
MOC imbalance: NYSE prints ~3:50 ET · Nasdaq 3:55–4:00 ET
- Positive gamma: dealers absorb. A one-way MOC tends to get pinned/faded — buy-imbal drifts toward the call wall, sell-imbal gets bought.
- 0DTE-heavy tape: charm pin/rip is stronger — the last 30 min can decide the day.
- Size matters: an aggregate MOC over ~$1–2B is a real tide; it can flip 2:50→3:00.
Vol-control flow (estimate)
Realized vol (20d/60d blend): 0.0% · last session +0.00% · AUM $215B | target 10% | max 2.0x | cadence d/w/m 35/30/35%
| 1d % chg | Est flow $bn |
|---|
| -3.0% | -54.26 |
| -2.0% | -27.80 |
| -1.0% | -2.93 |
| +0.0% | +8.30 |
| +1.0% | -2.35 |
| +2.0% | -26.13 |
| +3.0% | -51.36 |
| From a -2% day | Cumulative $bn |
|---|
| day 1 | -11.86 |
| day 5 | -20.39 |
| day 10 | -22.71 |
| day 21 | -27.80 |
Estimate — trust the shape and day-over-day change, not the absolute level.