Morning Note · Friday, July 10, 2026
Friday, 325 Above the 21-Week
Sent to members at 8:30 AM ET on Jul 10, 2026. Posted here the next trading day.
Key numbers
- 7,542.44
- Premarket
It's Friday. SPX closed 7,543.64 yesterday — the highest close since February. Premarket is 7,542, essentially flat. The 21-week EMA at 7,217 is 325 points below. The weekly close extends the reclaim.
Semiconductors drove Thursday. SOX surged 3%+ on SK Hynix's $26.5 billion ADR IPO — the largest-ever U.S. debut by a foreign company. Delta beat this morning, $1.56 vs. $1.46 est. Iran launched attacks on U.S. military infrastructure in the Gulf Thursday. Brent is holding $76.62. The 10-year is at 4.58%. VIX is 16.07 — contained given the backdrop.
Premarket is 52 points above the gamma flip at 7,490. Positive gamma. The call wall at 7,550 is 8 points above — magnet into the Friday close. The put wall at 7,450 is 92 points below.
The call wall at 7,550 is the session. If we pin there into the close, it's a clean weekly candle 325 points above the 21-week.
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Big Picture Levels
- 7,448
- 7,478 — 13 EMA (daily), 21 EMA (daily), 20 SMA (daily).
- 7,424
- 7,427 — 8-week EMA, 50-day SMA.
- 7,217
- 21-week EMA. Friday close determines the trend.
- 7,110
- 7,130 — 20-week SMA, 100-day SMA.
- 6,961
- 200-day SMA.
Today's Trading
- Primary range
- 7,497 – 7,550
- 7,550
- Call wall. Magnet. Ceiling.
- 7,542.44
- Premarket.
- 7,513.95
- Multi-session support.
- 7,505.64
- Multi-session support.
- 7,499.47
- Multi-session support.
- 7,497.24
- Floor. 8 EMA (daily) area.
- 7,494.06
- Gamma flip at 7490 converges. 8 EMA (daily) area.
- 7,490
- Gamma flip. The regime line.
- 7,481.01
- 13 EMA (daily) area.
- 7,476.82
- 13 EMA (daily) area.
- 7,465.50
- 21 EMA (daily) area.
- 7,462.45
- 21 EMA (daily).
- 7,457.31
- Multi-session support.
- 7,450
- Put wall.
GEX Profile (July 10, 2026)
- Call Wall
- 7,550. 8 points above premarket. Magnet into the weekly close.
- Gamma Flip
- ~7,490. 52 points below. Positive gamma with room.
- Put Wall
- 7,450. 92 points below. Far from the current setup.
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. 28 points below premarket. | 7,550 (call wall) |
| Second Bid: 7,506 | Support. | 7,550 (call wall) |
| Deep Bid: 7,450 | Put wall. Dense negative gamma. | 7,462 (21 EMA), 7,478 (13 EMA), 7,490 (flip) |
| Extreme: 7,445 | Support. Deep negative gamma. | 7,462 (21 EMA), 7,478 (13 EMA), 7,490 (flip) |
| 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, 7,493 (8 EMA) |
| Below 7,490 | Loss of the gamma flip. Regime shift to negative gamma. | 7,478 (13 EMA), 7,462 (21 EMA), 7,450 (put wall) |
| Below 7,450 | Loss of the put wall. Negative gamma accelerating. | 7,437, 7,427 (8w EMA), 7,412 |
| Breakdown: 7,445 | Multi-session support. | 7,427 (8w EMA), 7,412, 7,400 |
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.