Morning Note · Wednesday, May 27, 2026
New Highs, Oil Craters
Sent to members at 8:30 AM ET on May 27, 2026. Posted here the next trading day.
Key numbers
- 7,531.74
- Premarket
SPX closed at a record 7,519 yesterday and is trading 7,532 premarket — 13 points above that close. The Nasdaq printed a record too. Micron is up another 8% premarket after Tuesday's 19% rip past a $1 trillion market cap.
Oil is the story overnight. WTI down 5.7% to $88.53 after Iran said it would restore Strait of Hormuz traffic to pre-war levels within a month. Brent dropped 4.7%. That's pulling energy names lower but giving everything else a bid. Nasdaq futures up 0.9%. VIX at 16.75 — barely moved. Zscaler got crushed 20% after hours on weak guidance. Salesforce reports after the bell. PCE on Friday.
Premarket is 22 points above the gamma flip at 7,510. Positive gamma. No call wall overhead — nothing defined above current price. The put wall at 7,450 is 82 points below. The 21-week EMA at 7,028 is 504 points away — irrelevant until Friday.
Without a call wall above, there's no magnet pulling price to a defined target. If 7,510 holds, this grinds. If it breaks, 7,450 is the next anchor.
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Big Picture Levels
- 7,444
- 8 EMA (daily).
- 7,405
- 13 EMA (daily).
- 7,334
- 7,354 — 20 SMA (daily), 21 EMA (daily).
- 7,274
- 8-week EMA.
- 7,028
- 21-week EMA. Only Friday's close matters.
- 7,006
- 50-day SMA.
- 6,966
- 20-week SMA.
- 6,945
- 100-day SMA.
- 6,814
- 200-day SMA.
Today's Trading
- Primary range
- 7,506 – 7,582
- 7,531.74
- Premarket.
- 7,513.95
- Gamma flip at 7510 converges.
- 7,510
- Gamma flip. The regime line.
- 7,505.64
- Floor. Gamma flip at 7510 converges.
- 7,499.47
- Multi-session support.
- 7,497.24
- Multi-session support.
- 7,494.06
- Multi-session support.
- 7,488.18
- Multi-session support.
- 7,481.01
- Multi-session support.
- 7,476.82
- Multi-session support.
- 7,465.50
- Support.
- 7,457.31
- Multi-session support.
- 7,450
- Put wall.
GEX Profile (May 27, 2026)
- Gamma Flip
- ~7,510. 7,510 — 22 points below premarket. Positive gamma.
- Put Wall
- 7,450. 7,450 — 82 points below premarket. First defined support if the flip breaks.
Call wall, gamma flip, put wall — what they mean and why they run the session.
Execution Levels
Long Plan
| Entry | Why | Targets |
|---|---|---|
| Dip Buy: 7,510 | Gamma flip. Backtest of gap level — want to see this hold. | not stated |
| Second Bid: 7,499 | Support. | 7,514 |
| Deep Bid: 7,450 | Put wall. Dense negative gamma. | 7,466, 7,477, 7,488 |
| Extreme: 7,444 | 8 EMA (daily). First MA test. | 7,457, 7,466, 7,477 |
| Reclaim: 7,582 | Through the ceiling. | not stated |
| Continuation: 7,612 | Extension. | 7,630, 7,640, 7,660 |
Short Plan
| Entry | Why | Targets |
|---|---|---|
| Fade pops to: 7,582 | Resistance. Ceiling. | 7,510 (flip), 7,499, 7,488 |
| Below 7,510 | Loss of the gamma flip. Regime shift to negative gamma. | 7,499, 7,488, 7,477 |
| Below 7,450 | Loss of the put wall. Negative gamma accelerating. | 7,437, 7,426, 7,405 (13 EMA) |
| Breakdown: 7,445 | Multi-session support. | 7,429, 7,419, 7,405 (13 EMA) |
How the entry tiers and targets are built: the SPX 0DTE strategy guide.
VIX Levels
- 15.62
- 15.79
- 16.26
- 16.65
- 17.11 key
- 17.15
- 18.01 key
Educational research, not investment advice. Levels and the plan describe how the desk framed that session and are published after it closed.