Morning Note · Monday, July 6, 2026
Gap Up Into the Holiday
Sent to members at 8:30 AM ET on Jul 6, 2026. Posted here the next trading day.
Key numbers
- 7,517.40
- Premarket
SPX is trading 7,517 premarket — 34 points above Friday's close. Tech is leading. Nasdaq futures up 1%. Foxconn earnings overnight gave the AI trade another push.
June payrolls printed 57,000 on Thursday versus 115,000 expected. Unemployment ticked down to 4.2% but only because participation collapsed to 61.5%. Markets took a September hike off the table. Fed stays at 3.50–3.75% for now. FOMC minutes drop Wednesday. ISM Services is today.
We're 247 points above the gamma flip at 7,270. Deep positive gamma. The call wall at 7,550 is 33 points above premarket. The put wall at 7,425 is 92 points below. The 21-week EMA at 7,185 is 333 points below — irrelevant until Friday.
If 7,550 caps the move, the fill back to Friday's close at 7,483 is the first downside reference. If 7,550 clears, there's nothing stacked above it.
Want this at 8:30 instead of the next day? Substack (paid, by email) or Alpha Pod (live, with the alerts).
Big Picture Levels
- 7,433
- 7,450 — 8 EMA (daily), 13 EMA (daily), 21 EMA (daily), 20 SMA (daily).
- 7,394
- 7,395 — 50-day SMA, 8-week EMA.
- 7,185
- 21-week EMA. Only Friday's close matters.
- 7,086
- 7,099 — 20-week SMA, 100-day SMA.
- 6,943
- 200-day SMA.
Today's Trading
- Primary range
- 7,497 – 7,550
- 7,550
- Call wall. Magnet. Ceiling.
- 7,517.40
- 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.
- 7,476.82
- Multi-session support.
- 7,465.50
- Support.
- 7,457.31
- Multi-session support.
- 7,451.25
- 8 EMA (daily) area.
- 7,425
- Put wall.
- 7,270
- Gamma flip. The regime line.
GEX Profile (July 06, 2026)
- Call Wall
- 7,550. 7,550 — 33 points above premarket. Magnet.
- Gamma Flip
- ~7,270. 7,270 — 247 points below. Deep positive gamma.
- Put Wall
- 7,425. 7,425 — 92 points below. Well below the 8 EMA at 7,450.
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. 3 points below premarket. | 7,550 (call wall) |
| Second Bid: 7,506 | Support. | 7,550 (call wall) |
| Deep Bid: 7,425 | Put wall. Dense negative gamma. | 7,437 (21 EMA), 7,450 (8 EMA), 7,466 |
| Extreme: 7,419 | Support. Deep negative gamma. | 7,433 (20 SMA), 7,444 (13 EMA), 7,457 |
| Reclaim: 7,550 | Through resistance. Extension toward the call wall. | not stated |
| Continuation: 7,580 | Extension. | 7,600, 7,610, 7,630 |
Short Plan
| Entry | Why | Targets |
|---|---|---|
| Fade pops to: 7,550 | Resistance. Call wall right above. | 7,514, 7,506, 7,497 |
| Below 7,270 | Loss of the gamma flip. Regime shift to negative gamma. | 7,250, 7,235, 7,218 |
| Below 7,425 | Loss of the put wall. Negative gamma accelerating. | 7,412, 7,395 (50-day SMA), 7,385 |
| Breakdown: 7,419 | Multi-session support. | 7,395 (50-day SMA), 7,385, 7,369 |
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.