Summit Fades, 7,500 Holds — SPX Morning Note, May 15, 2026

Key numbers

7,430: Premarket

SPX closed 7,501 yesterday — first close above 7,500. Dow crossed 50,000 for the first time since February. Trump and Xi met for two hours in Beijing. They agreed on a "constructive relationship of strategic stability" and that the Strait of Hormuz should remain a free waterway. Cisco surged 13.4% on raised guidance. Nvidia added 4.4%. Boeing dropped 4.7%. Then Xi warned that mishandling Taiwan would cause "clashes and even conflicts."

SPX is trading 7,430 premarket — 71 points below yesterday's close. The summit ended this morning with "progress but differences remain." The gap down is the largest in two weeks. We're 20 points above the gamma flip at 7,410. Positive gamma. The call wall at 7,415 is 15 points below premarket — it's already a support floor, not resistance. The put wall at 7,370 is 60 points below. If 7,410 breaks, the put wall is the next anchor.

It's Friday. Retail Sales at 8:30 AM. Michigan Consumer Sentiment at 10 AM. The 21-week EMA at 6,938 is 492 points below — the weekly close extends the reclaim.

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Today's Data

Retail Sales (April) — 8:30 AM ET.

Michigan Consumer Sentiment (May prelim) — 10:00 AM ET.

Big Picture Levels

7,231: 21 EMA (daily).
7,148: 8-week EMA.
6,938: 21-week EMA. Friday close determines the trend.
6,912: 20-week SMA.
6,907: 100-day SMA.
6,910: 50-day SMA.
6,775: 200-day SMA.

Today's Trading

Primary range: 7,419 – 7,445
7,457.31: Prior demand. Resistance.
7,451.25: Prior demand. Resistance.
7,446.92: Resistance.
7,444.78: Ceiling.
7,436.60: Prior demand. Resistance.
7,430: Premarket.
7,425.57: Multi-session support.
7,419.43: Floor. Call wall area.
7,415: Call wall. Support floor.
7,412.42: Gamma flip at 7410 converges. Call wall area.
7,410: Gamma flip. The regime line.
7,400.24: Multi-session support.
7,389: 8 EMA (daily).
7,384.88: 8 EMA (daily) area.
7,376.92: Multi-session support.
7,370: Put wall.

GEX Profile (May 15, 2026)

Call Wall: 7,415. 15 points below premarket. Already reclaimed — acts as a support floor. Dealers buying dips above it.
Gamma Flip: ~7,410. 20 points below premarket. Positive gamma. Clean profile — everything below 7,415 is negative.
Put Wall: 7,370. 60 points below premarket. Dense negative cluster. If the flip breaks, 7,400 and 7,389 (8 EMA) are the stops before the put wall.

Call wall, gamma flip, put wall — what they mean and why they run the session.

Execution Levels

Long Plan

Entry	Why	Targets
Dip Buy: 7,415	Call wall. Support floor. Backtest of gap level.	7,426, 7,437, 7,445
Second Bid: 7,400	Support.	7,412, 7,426, 7,437
Deep Bid: 7,370	Put wall. Dense negative gamma.	7,389 (8 EMA), 7,410 (flip), 7,419
Extreme: 7,360	Support. Deep negative gamma.	7,377, 7,389 (8 EMA), 7,410 (flip)
Reclaim: 7,445	Through the ceiling.	7,457
Continuation: 7,457	Extension.	7,470, 7,490, 7,510

Short Plan

Entry	Why	Targets
Fade: 7,445	Resistance.	7,429, 7,419, 7,410 (flip)
Below 7,410	Loss of the gamma flip. Regime shift to negative gamma.	7,389 (8 EMA), 7,370 (put wall), 7,360
Below 7,370	Loss of the put wall. Negative gamma accelerating.	7,360, 7,352, 7,342
Breakdown: 7,360	Multi-session support.	7,347, 7,337, 7,324 (13 EMA)

How the entry tiers and targets are built: the SPX 0DTE strategy guide.

VIX Levels

16.26
16.65
17.11 key
17.15
18.01 key
18.40
18.48

Educational research, not investment advice. Levels and the plan describe how the desk framed that session and are published after it closed.