Record Close, Iran Rips It Back — SPX Morning Note, May 28, 2026

Key numbers

7,519.36: Premarket

SPX closed at a record 7,520 yesterday and is trading 7,519 premarket — essentially flat. Iran's IRGC launched an attack on a U.S. air base overnight. Futures dropped 0.3% off the highs before clawing back.

PCE came in cooler than expected — 0.4% monthly vs. 0.5% consensus, 3.8% year-over-year. Futures came off their lows after the print. WTI crude is up 1.8% to $90.26 on the Iran headlines. VIX opened 17.02, now at 16.86. Q1 GDP second estimate is due today. Dell, Costco, and MongoDB report after the bell.

Premarket is 7,519. Positive gamma. The call wall at 7,530 is 11 points above. The put wall at 7,475 is 44 points below. The 21-week EMA at 7,028 is 492 points away — irrelevant until Friday.

Flat open into geopolitical noise and post-PCE relief. If 7,530 breaks, there's nothing above it from yesterday's action. If 7,475 breaks, the 8 EMA daily at 7,461 is the next stop.

Want this at 8:30 instead of the next day? Substack (paid, by email) or Alpha Pod (live, with the alerts).

Big Picture Levels

7,461: 8 EMA (daily).
7,422: 13 EMA (daily).
7,373: 20 SMA (daily).
7,351: 21 EMA (daily).
7,274: 8-week EMA.
7,022: 7,028 — 21-week EMA, 50-day SMA. Only Friday's close matters.
6,952: 6,966 — 20-week SMA, 100-day SMA.
6,819: 200-day SMA.

Today's Trading

Primary range: 7,497 – 7,530
7,530: Call wall. Magnet. Ceiling.
7,519.36: Premarket.
7,513.95: Multi-session support.
7,505.64: Multi-session support.
7,499.47: Multi-session support.
7,497.24: Floor.
7,494.06: Multi-session support.
7,488.18: Multi-session support.
7,481.01: Multi-session support.
7,475: Put wall.
7,465.50: 8 EMA (daily) area.
7,460.73: 8 EMA (daily).
7,457.31: 8 EMA (daily) area.
7,451.25: Multi-session support.
3,000: Gamma flip. The regime line.

GEX Profile (May 28, 2026)

Call Wall: 7,530. 7,530 — 11 points above premarket. Magnet and nearest resistance.
Gamma Flip: ~3,000. 3,000 — deep positive gamma. Not a factor today.
Put Wall: 7,475. 7,475 — 44 points below. First downside anchor if geopolitical risk escalates.

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

Execution Levels

Long Plan

Entry	Why	Targets
Dip Buy: 7,514	Support. 5 points below premarket.	7,530 (call wall)
Second Bid: 7,506	Support.	7,530 (call wall)
Deep Bid: 7,475	Put wall. Dense negative gamma.	7,488, 7,497, 7,530 (call wall)
Extreme: 7,461	8 EMA (daily). First MA test.	7,477, 7,488, 7,497
Reclaim: 7,530	Through resistance. Extension toward the call wall.	not stated
Continuation: 7,560	Extension.	7,580, 7,590, 7,610

Short Plan

Entry	Why	Targets
Fade pops to: 7,530	Resistance. Call wall right above.	7,514, 7,506, 7,497
Below 3,000	Loss of the gamma flip. Regime shift to negative gamma.	not stated
Below 7,475	Loss of the put wall. Negative gamma accelerating.	7,461 (8 EMA), 7,451, 7,437
Breakdown: 7,461	8 EMA (daily). First MA break.	7,447, 7,437, 7,422 (13 EMA)

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

VIX Levels

15.29
15.62
15.79
16.26
16.65
17.11 key
17.15

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