Morning Note · Friday, May 29, 2026
Friday at the Highs
Sent to members at 8:30 AM ET on May 29, 2026. Posted here the next trading day.
Key numbers
- 7,573.05
- Premarket
It's Friday. SPX closed at a new all-time high yesterday — 7,563.63. Premarket is 7,573, up another 9 points. The 21-week EMA at 7,032 is 541 points below. The weekly close extends the trend.
April PCE came in at 3.8% year-over-year yesterday — highest in nearly three years. SPX rallied 0.58% and closed at all-time highs. VIX dropped to 15.74. The market doesn't care. Overnight, reports of a tentative U.S.-Iran deal on the Strait of Hormuz sent crude down over 2%. No economic data on the calendar today. Month-end rebalancing and Iran headlines are what's left.
We're 173 points above the gamma flip at 7,400. Deep positive gamma. The call wall at 7,510 is 63 points below premarket — support floor. The put wall at 7,485 is 88 points below.
May closes today. SPX up nearly 5% for the month, Nasdaq up 8%. The 8 EMA daily at 7,484 and the call wall at 7,510 are the nearest floors. If price drifts, those are the stops.
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Big Picture Levels
- 7,484
- 8 EMA (daily).
- 7,442
- 13 EMA (daily).
- 7,394
- 20 SMA (daily).
- 7,370
- 21 EMA (daily).
- 7,284
- 8-week EMA.
- 7,032
- 7,039 — 50-day SMA, 21-week EMA. Friday close determines the trend.
- 6,959
- 6,968 — 20-week SMA, 100-day SMA.
- 6,825
- 200-day SMA.
Today's Trading
- Primary range
- 7,506 – 7,603
- 7,573.05
- Premarket.
- 7,513.95
- Call wall area.
- 7,510
- Call wall. Support floor.
- 7,505.64
- Floor. Call wall area.
- 7,499.47
- Multi-session support.
- 7,497.24
- Multi-session support.
- 7,494.06
- Multi-session support.
- 7,488.18
- Put wall area. 8 EMA (daily) area.
- 7,485
- Put wall.
- 7,481.01
- Put wall area. 8 EMA (daily) area.
- 7,476.82
- Multi-session support.
- 7,465.50
- Support.
- 7,457.31
- Multi-session support.
- 7,400
- Gamma flip. The regime line.
GEX Profile (May 29, 2026)
- Call Wall
- 7,510. 63 points below premarket. Already cleared — support floor, not ceiling.
- Gamma Flip
- ~7,400. 173 points below at 7,400. Deep positive gamma.
- Put Wall
- 7,485. 88 points below at 7,485. Tight to the call wall — dense support underneath.
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 | Call wall. Support floor. | not stated |
| Second Bid: 7,499 | Support. | 7,514 |
| Deep Bid: 7,485 | Put wall. Dense negative gamma. | 7,497, 7,506, 7,514 |
| Extreme: 7,484 | 8 EMA (daily). First MA test. | 7,494, 7,506, 7,514 |
| Reclaim: 7,603 | Through the ceiling. | not stated |
| Continuation: 7,633 | Extension. | 7,650, 7,660, 7,680 |
Short Plan
| Entry | Why | Targets |
|---|---|---|
| Fade pops to: 7,603 | Resistance. Ceiling. | 7,514, 7,506, 7,497 |
| Below 7,400 | Loss of the gamma flip. Regime shift to negative gamma. | 7,385, 7,370 (21 EMA), 7,360 |
| Below 7,485 | Loss of the put wall. Negative gamma accelerating. | 7,466, 7,457, 7,442 (13 EMA) |
| Breakdown: 7,484 | 8 EMA (daily). First MA break. | 7,466, 7,457, 7,442 (13 EMA) |
How the entry tiers and targets are built: the SPX 0DTE strategy guide.
VIX Levels
- 14.78 key
- 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.