SPX Morning Note
The levels the desk trades, one trading day later.
Premarket read, gamma flip, call and put walls, the working range and the plan — every trading day, in full, the next trading day after members get it.
Most recent note · Tuesday, October 27, 2026 · posted Oct 28, 2026
Anthropic Files to Go Public, and SPX Gaps Onto Monday's High
Anthropic filed to go public Monday, and the tape went with it. First-half revenue was $16.3 billion against $1.16 billion a year earlier, and the second quarter showed $974 million of operating income, its first. The headline net loss is mostly non-cash, tied to convertible notes and SAFEs, and the price range is still blank. SPX closed 7,676.77, up 0.70%, with tech in front. Premarket 7,698.
Thursday Jensen Huang said the demand for capital is much greater than the supply. Since then Meta has announced a $35 billion stock sale and the biggest private AI lab has asked for public money, and the tape keeps pricing the two sides of that trade the same way. Meta fell 1.9% Monday while Nvidia rose 2.4% and AMD and Broadcom gained more than 2% each. Money keeps going to the companies selling AI while Meta, the one buying it, gets sold, and that has been the pattern all season. Microsoft and Alphabet are both on the buying side, and they report Wednesday night a few hours after the Fed decision, with about a 10% chance of a hike priced. Durable goods land at 8:30 today and consumer confidence at 10.
- 7,698
- Premarket
- 7,720
- Call wall
- 7,695
- Gamma flip
- 7,650
- Put wall
- 7,650–7,727
- Range
Every trading morning the desk publishes one note before the bell: what happened overnight, the tension the wires miss, where dealer gamma sits, and a stated lean with a level on it. Members get it at 8:30 AM ET. It is posted here the next trading day, in full.
How to read it
The narrative comes first: the event that defines the morning, the numbers behind it, then where SPX closed and where it is premarket. The second paragraph is the tension — two facts that do not fit together. The third is the structure. The fourth is the lean, with the level that would prove it wrong.
The levels follow. Big Picture is the handful of numbers that matter beyond today. Today's Trading is the working range with every level inside it and its reason — prior demand, a moving average, a gamma node. The GEX Profile is three numbers: the call wall (the largest positive gamma node, a magnet and a cap), the gamma flip (below it dealers amplify moves instead of damping them), and the put wall (the largest negative node, and the floor that matters). The GEX guide explains why those three run the session. Where a note quotes gamma sums, the units are the desk's own aggregate exposure figures; the ratio between two nodes is what matters, not the absolute number.
Execution Levels are the plan: long entries from a shallow dip to a continuation through resistance, short entries from a fade to a breakdown, each with targets that are real levels rather than round numbers. The method behind the tiers is in the SPX 0DTE strategy guide. The VIX Levels ladder closes the note.
Archive
Every note the desk has published since May 2026, newest first. Earlier notes ran under the name SPX Trade Plan and are listed at the end.
October 2026
- Oct 27, 2026Anthropic Files to Go Public, and SPX Gaps Onto Monday's HighFlip 7,695 · range 7,650–7,727
- Oct 26, 2026Meta Sells $35 Billion of Stock for AI, and SPX Gaps Into Friday's HighFlip 7,655 · range 7,600–7,700
- Oct 23, 2026Chips Have Their Worst Day Since June, and SPX Opens on Thursday's LowFlip 7,685 · range 7,600–7,685
- Oct 22, 2026Iran Strike Plans Send Brent to $112, and SPX Gaps Under the 7,700 Put WallFlip 7,740 · range 7,650–7,720
- Oct 21, 2026Super Micro Lifts the Chips Before Meta Reports, and SPX Opens 10 Over the FlipFlip 7,720 · range 7,700–7,755
- Oct 20, 2026Chips Give Back Monday's Bounce, and SPX Opens 12 Over Its Put WallFlip 7,715 · range 7,631–7,736
- Oct 19, 2026Chips Bounce After Their Longest Slide Since 2008, and SPX Opens on the Call WallFlip 7,680 · range 7,650–7,740
- Oct 16, 2026Bonds Rally Through Hot Inflation, and SPX Opens Over the Flip Into OpexFlip 7,745 · range 7,700–7,810
- Oct 15, 2026Hottest PPI Since 2022 Meets a Chip Rout, and SPX Opens on Wednesday's LowFlip 7,745 · range 7,670–7,746
- Oct 14, 2026Hot Core CPI Takes SPX Under the 7,790 Flip, and the Banks Lead LowerFlip 7,790 · range 7,734–7,806
- Oct 13, 2026Korea's Memory Rout Hits Micron Again, and SPX Opens 13 Over the 7,790 FlipFlip 7,790 · range 7,754–7,850
- Oct 12, 2026Trump's Russian Diesel Deal Moved Diesel, Not Crude, and SPX Opens 5 Under the 7,820 Call WallFlip 7,795 · range 7,779–7,845
- Oct 9, 2026OpenAI's Revenue Report Hit Chips and SPX Opens 15 Under the 7,800 Call WallFlip 7,750 · range 7,734–7,806
- Oct 8, 2026Iran Strike Report Lifts Oil Nearly 5% and SPX Opens Under 7,800Flip 7,800 · range 7,720–7,806
- Oct 7, 202630-Year Yield Returns to 5.70% a Day After SPX's First Close Above 7,800Flip 7,800 · range 7,746–7,819
- Oct 6, 2026Stocks Rallied Through the 10-Year's Highest Close Since 2002Flip 7,765 · range 7,763–7,860
- Oct 5, 2026October Hike Odds Fell to One in Five and the 10-Year Rose AnywayFlip 7,715 · range 7,681–7,755
- Oct 2, 2026September Payrolls Came In at 29,000 and Futures Gapped UpFlip 7,675 · range 7,698–7,755
- Oct 1, 202610-Year Yield Hits Highest Since 2002 as Hike Odds FallFlip 7,690 · range 7,650–7,725
September 2026
- Sep 30, 2026Core PCE Drops to 3.0% as Spending Jumps 0.9%Flip 7,680 · range 7,670–7,725
- Sep 29, 2026OpenAI Holds Back Its Next Model a Day After Nvidia's Record BuybackFlip 7,690 · range 7,670–7,725
- Sep 28, 2026Trump Rejects Iran's Seven-Day Plan as Oil and Yields ClimbFlip 7,730 · range 7,670–7,735
- Sep 25, 2026Stocks Pare Losses on Iran Plan Report as 30-Year Hits 2004 HighFlip 7,705 · range 7,698–7,763
- Sep 24, 2026Ten-Year Hits 5.10%, Highest Since 2007Flip 7,715 · range 7,611–7,682
- Sep 23, 2026US and Iran Talk at the UN, Diesel Hits a RecordFlip 7,760 · range 7,735–7,790
- Sep 22, 2026Iran Offers to Reopen HormuzFlip 7,735 · range 7,735–7,800
- Sep 21, 2026Cheaper Oil Into the Xi SummitFlip 7,630 · range 7,631–7,735
- Sep 18, 2026Japan Hiked and the Yen FellFlip 7,640 · range 7,598–7,698
- Sep 17, 2026The Fed Hiked and Bonds RalliedFlip 7,545 · range 7,598–7,677
- Sep 16, 2026Hike Day, and the Two-Year Wants MoreFlip 7,600 · range 7,576–7,677
- Sep 15, 2026The Ten-Year Went Through 5%Flip 7,630 · range 7,576–7,661
- Sep 14, 2026The Hormuz Bypass Is ShutFlip 7,645 · range 7,576–7,677
- Sep 11, 2026Core Ran Hot And The Tape Bought ItFlip 7,625 · range 7,631–7,698
- Sep 10, 2026A Hike Is Now The Base CaseFlip 7,640 · range 7,600–7,680
- Sep 9, 2026Ten Tankers In Seven DaysFlip 7,695 · range 7,616–7,730
- Sep 8, 2026Reopening Is Not De-escalationFlip 7,705 · range 7,650–7,750
- Sep 4, 2026The Wrong Number to Settle ItFlip 7,720 · range 7,700–7,800
- Sep 3, 2026Sold On a Rounding ErrorFlip 7,665 · range 7,616–7,700
- Sep 2, 2026The Round Trip Is CompleteFlip 7,630 · range 7,580–7,675
- Sep 1, 2026The Rout Went GlobalFlip 7,695 · range 7,610–7,705
August 2026
- Aug 31, 2026Struck In The StraitFlip 7,705 · range 7,650–7,750
- Aug 28, 2026Warsh Speaks At TenFlip 7,720 · range 7,700–7,770
- Aug 27, 2026Nvidia Broke The PatternFlip 7,675 · range 7,675–7,745
- Aug 26, 2026Iran And Oman Open A Route Through HormuzFlip 7,665 · range 7,655–7,715
- Aug 25, 2026The Biggest Iran Move Yet, And Crude FellFlip 7,660 · range 7,650–7,725
- Aug 24, 2026Fifty Percent On Canada, And Yields FellFlip 7,670 · range 7,630–7,710
- Aug 21, 2026Everything Beats, Nothing LiftsFlip 7,685 · range 7,640–7,700
- Aug 20, 2026The Refund Cuts Both WaysFlip 7,720 · range 7,620–7,720
- Aug 19, 2026Twenty-Nine Billion, Handed BackFlip 7,705 · range 7,650–7,763
- Aug 18, 2026The Long End Isn't Arguing About SeptemberFlip 7,760 · range 7,650–7,760
- Aug 17, 2026The Gamma Is Above Us, Not Under UsFlip 7,775 · range 7,755–7,825
- Aug 14, 2026Above 7,800, Retail Sales at 8:30Flip 7,775 · range 7,760–7,830
- Aug 13, 2026Thick Above, Thin Below, PPI at 8:30Flip 7,745 · range 7,745–7,800
- Aug 12, 2026Pinned Until 8:30Flip 7,730 · range 7,700–7,800
- Aug 11, 2026Oil Undid the Jobs Relief, CPI TomorrowFlip 7,745
- Aug 10, 2026Flat at the Highs
- Aug 7, 2026Friday, Jobs, 7740
- Aug 6, 2026New Highs, Soft Jobs
- Aug 5, 2026Record Close, Record Gap
- Aug 4, 2026Gap Up Into New Highs
- Aug 3, 2026Gap Over the Call Wall
July 2026
- Jul 31, 2026Friday at the Flip
- Jul 30, 2026Gap Up Into the Data
- Jul 29, 2026FOMC Holds, Iran Burns
- Jul 28, 2026FOMC Starts, Semis Crack
- Jul 27, 2026Gap Up Into the Call Wall
- Jul 24, 2026Friday, Negative Gamma, 7,400 Close
- Jul 23, 2026Alphabet Beats, Tesla Breaks, Gap Down
- Jul 22, 2026Gapped Below the Flip
- Jul 21, 2026Gap Up Into the 50-Day
- Jul 20, 2026Gap Up Into Negative Gamma
- Jul 17, 2026Friday Gap Into Negative Gamma
- Jul 16, 2026Morning Update
- Jul 15, 2026Gap Up Into the Flip
- Jul 10, 2026Friday, 325 Above the 21-Week
- Jul 9, 2026Airstrikes, Gap Up, Negative Gamma
- Jul 8, 2026Iran Escalation, FOMC Minutes at 2
- Jul 7, 2026Samsung Drag, 7,550 Overhead
- Jul 6, 2026Gap Up Into the Holiday
- Jul 1, 2026Warsh at Sintra, 7,500 Overhead
June 2026
- Jun 30, 2026Pinned at the Call Wall
- Jun 16, 2026Warsh's First FOMC
- Jun 8, 2026Gap Up Into Friday's Wreckage
- Jun 1, 2026Right at the Flip
May 2026
- May 29, 2026Friday at the Highs
- May 28, 2026Record Close, Iran Rips It Back
- May 27, 2026New Highs, Oil Craters
- May 18, 2026Warsh Takes the Chair
- May 15, 2026Summit Fades, 7,500 Holds
SPX Trade Plan, November 2025 – January 2026
The earlier format: commentary and the gamma flip. The full plan for those sessions lives on Substack.
- Jan 30, 2026The “Gap & Go” vs. The Morning After
- Jan 29, 2026The market continues to show the strength we have
- Jan 28, 2026very simple note today
- Jan 27, 2026The Technicals are healing, but not fully recovered
- Jan 26, 2026We have arrived at what might be the most critical week
- Jan 23, 2026We have been building this thesis step-by-step all week
- Jan 22, 2026Yesterday was a wild one
- Jan 21, 2026Since December, I have maintained a staunchly bullish
- Jan 20, 2026If you’ve been following the Alpha Pod alerts, you know
- Jan 16, 2026Today is monthly OPEX (Options Expiration)
- Jan 15, 2026The market continues to show a lot of strength despite
- Jan 14, 2026Yesterday’s closing print might have looked sluggish
- Jan 13, 2026The main event of the week is behind us
- Jan 12, 2026The markets are off to a great start this year
- Jan 9, 2026All week I have been talking about how we’re likely in
- Jan 8, 2026Yesterday the markets showed they can’t just always go
- Jan 7, 2026The insatiable bid in high-beta stocks persists, with
- Jan 6, 2026The first three trading days of the year have been
- Jan 5, 2026A few notes before we get into today’s trading plan:
- Jan 2, 2026Welcome to the first trading day of 2026
- Dec 26, 2025Shorter note again given the holiday, however there's a
- Dec 24, 2025Today is a half day and we have a potential range set
- Dec 23, 2025It’s two days before Christmas and we’re wondering if
- Dec 22, 2025Last week we survived the gauntlet
- Dec 19, 2025We did it
- Dec 18, 2025Light at the End of the Tunnel
- Dec 17, 2025Yesterday paid
- Dec 16, 2025As noted yesterday, this week is a big one full of data
- Dec 15, 2025Since December 3rd, we have anticipated consolidation
- Dec 12, 2025Out with the Mag 7, in with the Russell 2000
- Dec 11, 2025Since last Wednesday, we anticipated chop and digestion
- Dec 10, 2025Today is FOMC day
- Dec 9, 2025SPX continues to consolidate as all eyes turn to
- Dec 8, 2025Calm Before the Storm
- Dec 7, 2025Calm Before the Storm
- Dec 5, 2025This past week the SPX has chopped within a range while
- Dec 4, 2025Calm Before the Storm
- Dec 3, 2025After a strong move, SPX is doing what it
- Dec 2, 2025Today’s note is shortened due to travel issues
- Dec 1, 2025New month, new candle — and November closed with what
- Nov 30, 2025New month, new candle — and November closed with what
Questions
Is the Morning Note free?
This archive is. Every note is posted here in full one trading day after members receive it. To get it the morning it's written, subscribe on Substack (paid) or join Alpha Pod, where it arrives at 8:30 AM ET with the live alerts and the room.
Why one trading day late?
The levels are built for one session and expire at the close. Publishing them the next trading day keeps the archive honest and complete without giving away the live edge members pay for.
What are the call wall, gamma flip and put wall?
Three levels from the day's option positioning. The call wall is the largest positive gamma strike and tends to cap rallies. The gamma flip is where dealer hedging switches from damping moves to amplifying them. The put wall is the largest negative strike and is the floor that matters on the downside.
Who writes it?
The Alpha Pod desk, led by a former BlackRock analyst. The note is written fresh each morning from verified premarket, gamma and level data, then checked mechanically before it goes out.