Gap Up Into Friday's Wreckage — SPX Morning Note, Jun 8, 2026

Key numbers

7,444.51: Premarket

SPX is trading 7,445 premarket — a 61-point gap up after Friday's 2.64% selloff that closed us at 7,383. That gap clears the put wall at 7,375. Before chasing this, I want to see 7,383–7,375 hold on a backtest.

Friday was ugly. SPX dropped 200 points, Nasdaq lost 4.18%, VIX spiked 40% to 21.51. The trigger was the jobs report — 172K vs. 85K expected — and the market immediately repriced a December hike to 70% probability. The 10-year pushed to 4.57%. Overnight, Israel and Iran exchanged strikes. Futures whipsawed higher, then stabilized after Iran suspended military operations. Oil gave back most of a 5.4% spike. Futures are up 0.6% as of early morning.

Positive gamma. We're 260 points above the flip at 7,185. The call wall at 7,600 is 155 points above premarket. The put wall at 7,375 is 70 points below — right at yesterday's close. The 8 EMA daily at 7,517 is 72 points above. That's the first overhead reference. The 21-week EMA at 7,065 is 379 points below — irrelevant until Friday.

The gap needs to prove itself. If 7,375 holds on a backtest, 7,517 is the next level above. If 7,375 fails, Friday's lows are back in play.

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Big Picture Levels

7,499: 7,517 — 8 EMA (daily), 13 EMA (daily).
7,309: 8-week EMA.
7,156: 50-day SMA.
7,065: 21-week EMA. Only Friday's close matters.
6,991: 6,996 — 100-day SMA, 20-week SMA.
6,858: 200-day SMA.

Today's Trading

Primary range: 7,429 – 7,488
7,600: Call wall. Magnet. Ceiling.
7,505.64: Prior demand. Resistance.
7,499.47: 13 EMA (daily) area.
7,497.24: 13 EMA (daily) area.
7,494.06: Prior demand. Resistance.
7,488.18: Ceiling.
7,481.01: 20 SMA (daily) area.
7,476.82: 20 SMA (daily) area.
7,465.50: Resistance.
7,457.31: Prior demand. Resistance.
7,451.25: Prior demand. Resistance.
7,446.92: Near current price. 21 EMA (daily) area.
7,444.51: Premarket.
7,436.60: Multi-session support.
7,429.22: Floor.
7,425.57: Multi-session support.
7,419.43: Multi-session support.
7,412.42: Multi-session support.
7,400.24: Multi-session support.
7,384.88: Multi-session support.
7,375: Put wall.
7,185: Gamma flip. The regime line.

GEX Profile (June 08, 2026)

Call Wall: 7,600. 155 points above premarket. First major upside reference after the 8 EMA daily at 7,517.
Gamma Flip: ~7,185. 260 points below. Deep positive gamma.
Put Wall: 7,375. 70 points below premarket, right at Friday's close. The gap backtest level.

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

Execution Levels

Long Plan

Entry	Why	Targets
Dip Buy: 7,437	Support. 8 points below premarket.	7,447, 7,457, 7,466
Second Bid: 7,429	Support.	7,445 (21 EMA), 7,457, 7,466
Deep Bid: 7,375	Put wall. Dense negative gamma.	7,400, 7,412, 7,426
Extreme: 7,369	Support. Deep negative gamma.	7,385, 7,400, 7,412
Reclaim: 7,488	Through resistance. Extension toward the call wall.	7,499 (13 EMA), 7,517 (8 EMA), 7,600 (call wall)
Continuation: 7,600	Through the call wall. New territory.	7,620, 7,630, 7,650

Short Plan

Entry	Why	Targets
Fade pops to: 7,477-7,488	Resistance zone.	7,466, 7,457, 7,445 (21 EMA)
Below 7,185	Loss of the gamma flip. Regime shift to negative gamma.	7,156 (50-day SMA), 7,146, 7,137
Below 7,375	Loss of the put wall. Negative gamma accelerating.	7,360, 7,352, 7,342
Breakdown: 7,369	Multi-session support.	7,355, 7,347, 7,337

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

VIX Levels

18.01 key
18.40
18.48
19.27
19.35 key
19.53
19.68
19.86

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