Morning Note · Thursday, July 9, 2026
Airstrikes, Gap Up, Negative Gamma
Sent to members at 8:30 AM ET on Jul 9, 2026. Posted here the next trading day.
Key numbers
- 7,502.33
- Premarket
SPX closed 7,482 yesterday and is trading 7,502 premarket — a 20-point gap up into overnight airstrikes on Iran. The Dow dropped 577 points yesterday. Nasdaq held up on AI names. Today is a different tape.
The US hit 90 Iranian targets overnight. Iran struck back at US-allied countries in the region. WTI crude is up 1.3% to $74.49. Gold is at $4,115. The 10-year is at 4.58%, a 4-week high. Fed minutes showed no consensus on rate path. SK Hynix debuts today and Nasdaq futures are up 0.7%. Weekly claims and existing home sales are on deck.
Premarket is 18 points below the gamma flip at 7,520. Negative gamma. The call wall at 7,550 is 48 points above. The put wall at 7,475 is 27 points below — that's yesterday's close. The 8 EMA daily at 7,478 sits right on top of the put wall.
If 7,520 reclaims, we're in positive gamma with the call wall at 7,550 as the next target. If the gap fills back toward 7,475, the put wall and the 8 EMA are stacked in the same spot.
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Big Picture Levels
- 7,440
- 20 SMA (daily).
- 7,414
- 7,417 — 50-day SMA, 8-week EMA.
- 7,212
- 21-week EMA. Only Friday's close matters.
- 7,127
- 20-week SMA.
- 7,103
- 100-day SMA.
- 6,956
- 200-day SMA.
Today's Trading
- Primary range
- 7,481 – 7,514
- 7,550
- Call wall. Magnet. Ceiling.
- 7,520
- Gamma flip. The regime line.
- 7,513.95
- Ceiling.
- 7,505.64
- Prior demand. Resistance.
- 7,502.33
- Premarket.
- 7,499.47
- Near current price.
- 7,497.24
- Multi-session support.
- 7,494.06
- Multi-session support.
- 7,488.18
- Multi-session support.
- 7,481.01
- Floor. 8 EMA (daily) area.
- 7,478.12
- 8 EMA (daily).
- 7,475
- Put wall.
- 7,465.50
- 13 EMA (daily) area.
- 7,457.31
- 21 EMA (daily) area.
- 7,454.33
- 21 EMA (daily).
- 7,451.25
- 21 EMA (daily) area.
- 7,446.92
- Support.
- 7,444.78
- 20 SMA (daily) area.
- 7,440.20
- 20 SMA (daily).
- 7,436.60
- 20 SMA (daily) area.
GEX Profile (July 09, 2026)
- Call Wall
- 7,550. 48 points above premarket. Magnet if 7,520 reclaims.
- Gamma Flip
- ~7,520. 18 points above. We're negative gamma until 7,520 is taken.
- Put Wall
- 7,475. 27 points below at 7,475. Aligns with yesterday's close and the 8 EMA daily at 7,478.
Call wall, gamma flip, put wall — what they mean and why they run the session.
Execution Levels
Long Plan
| Entry | Why | Targets |
|---|---|---|
| Dip Buy: 7,499 | Support. 3 points below premarket. | 7,520 (flip), 7,550 (call wall) |
| Second Bid: 7,494 | Support. | 7,506, 7,520 (flip), 7,550 (call wall) |
| Deep Bid: 7,475 | Put wall. Dense negative gamma. | 7,488, 7,497, 7,506 |
| Extreme: 7,466 | Support. Deep negative gamma. | 7,478 (8 EMA), 7,488, 7,497 |
| Reclaim: 7,514 | Through resistance. Extension toward the call wall. | 7,550 (call wall) |
| Continuation: 7,550 | Through the call wall. New territory. | 7,560, 7,580, 7,600 |
Short Plan
| Entry | Why | Targets |
|---|---|---|
| Fade pops to: 7,506-7,514 | Resistance approaching the call wall. | 7,494, 7,478 (8 EMA), 7,467 (13 EMA) |
| Below 7,475 | Loss of the put wall. Negative gamma accelerating. | 7,454 (21 EMA), 7,440 (20 SMA), 7,429 |
| Breakdown: 7,478 | 8 EMA (daily). First MA break. | 7,467 (13 EMA), 7,454 (21 EMA), 7,440 (20 SMA) |
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
- 18.01 key
Educational research, not investment advice. Levels and the plan describe how the desk framed that session and are published after it closed.