Morning Note · Monday, June 1, 2026
Right at the Flip
Sent to members at 8:30 AM ET on Jun 1, 2026. Posted here the next trading day.
Key numbers
- 7,574.15
- Premarket
SPX closed at a fresh all-time high Friday at 7,580. Premarket is 7,574 — basically flat. Nine-week win streak. The session starts right at an inflection point.
U.S. and Iran exchanged strikes over the weekend. CENTCOM intercepted two Iranian ballistic missiles targeting American forces in Kuwait overnight. WTI jumped 3.7% to $90.55. VIX ticked up to 15.84 from Friday's 15.32 — hedging, not panic. Nvidia up 2%+ premarket on the RTX Spark unveil at Computex. Arm surged 14.5%, Qualcomm down 9.5%. ISM Manufacturing at 10 a.m. is the data release that matters today.
Premarket is 9 points above the gamma flip at 7,565. Barely positive gamma. The call wall at 7,590 is 16 points above. The put wall at 7,550 is 24 points below. This is a coin-flip open — which side of 7,565 we settle on defines the session.
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Big Picture Levels
- 7,505
- 8 EMA (daily).
- 7,462
- 13 EMA (daily).
- 7,413
- 20 SMA (daily).
- 7,389
- 21 EMA (daily).
- 7,288
- 8-week EMA.
- 7,058
- 50-day SMA.
- 7,033
- 21-week EMA. Only Friday's close matters.
- 6,966
- 6,969 — 20-week SMA, 100-day SMA.
- 6,831
- 200-day SMA.
Today's Trading
- Primary range
- 7,565 – 7,590
- 7,590
- Call wall. Magnet. Ceiling.
- 7,574.15
- Premarket.
- 7,565
- Gamma flip. The regime line.
- 7,550
- Put wall.
GEX Profile (June 01, 2026)
- Call Wall
- 7,590. 7590 — 16 points above premarket. Resistance and magnet from Friday's close.
- Gamma Flip
- ~7,565. 7565 — 9 points below premarket. The session pivots on this level.
- Put Wall
- 7,550. 7550 — 24 points below premarket. If the flip breaks, this is the first stop.
Call wall, gamma flip, put wall — what they mean and why they run the session.
Execution Levels
Long Plan
| Entry | Why | Targets |
|---|---|---|
| Dip Buy: 7,565 | Gamma flip. The regime line. | 7,590 (call wall) |
| Second Bid: 7,514 | Support. | 7,590 (call wall) |
| Deep Bid: 7,505 | 8 EMA (daily). First MA test. | 7,590 (call wall) |
| Extreme: 7,499 | Support. Deep negative gamma. | 7,590 (call wall) |
| Reclaim: 7,590 | Through resistance. Extension toward the call wall. | not stated |
| Continuation: 7,620 | Extension. | 7,640, 7,650, 7,670 |
Short Plan
| Entry | Why | Targets |
|---|---|---|
| Fade pops to: 7,590 | Resistance. Call wall right above. | 7,565 (flip), 7,550 (put wall), 7,514 |
| Below 7,565 | Loss of the gamma flip. Regime shift to negative gamma. | 7,550 (put wall), 7,514, 7,505 (8 EMA) |
| Below 7,550 | Loss of the put wall. Negative gamma accelerating. | 7,514, 7,505 (8 EMA), 7,494 |
| Breakdown: 7,514 | Multi-session support. | 7,499, 7,488, 7,477 |
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.