Morning Note · Friday, July 17, 2026
Friday Gap Into Negative Gamma
Sent to members at 8:30 AM ET on Jul 17, 2026. Posted here the next trading day.
Key numbers
- 7,470.70
- Premarket
SPX is trading 7,471 premarket — 63 points below yesterday's close of 7,534. The gap takes us below the flip at 7,540 and below the call wall at 7,500. Negative gamma.
Netflix is down 10% premarket on weak Q3 guidance. Semis keep unwinding — SOX at 2-month lows. Iran launched strikes on U.S. facilities in Syria overnight. VIX is at 18.35, up 10%. Michigan sentiment at 10 AM.
It's Friday. The 21-week EMA at 7,249 is 222 points below — not in play. The weekly close above it extends the reclaim. What matters up here: premarket is 69 points below the flip at 7,540 and sitting right at the 50-day SMA at 7,461. The call wall at 7,500 is 29 points above. The put wall at 7,520 is 49 points above the flip — inverted. If 7,461 doesn't hold, there's a lot of air underneath before 7,400.
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Big Picture Levels
- 7,532
- 8 EMA (daily).
- 7,249
- 21-week EMA. Friday close determines the trend.
- 7,165
- 20-week SMA.
- 7,144
- 100-day SMA.
- 6,983
- 200-day SMA.
Today's Trading
- Primary range
- 7,451 – 7,497
- 7,540
- Gamma flip. The regime line.
- 7,520
- Put wall.
- 7,513.95
- 13 EMA (daily) area.
- 7,505.64
- Prior demand. Resistance.
- 7,500
- Call wall. Magnet. Ceiling.
- 7,497.24
- Ceiling. Call wall area. 21 EMA (daily) area.
- 7,494.06
- 21 EMA (daily) area.
- 7,488.18
- Prior demand. Resistance.
- 7,481.01
- 20 SMA (daily) area.
- 7,476.82
- 20 SMA (daily) area.
- 7,470.70
- Premarket.
- 7,465.50
- 50-day SMA area.
- 7,460.91
- 50-day SMA.
- 7,457.31
- 50-day SMA area.
- 7,451.25
- Floor.
- 7,446.92
- Support.
- 7,444.78
- Multi-session support.
- 7,436.60
- Multi-session support.
- 7,429.22
- Multi-session support.
- 7,425.57
- Multi-session support.
- 7,419.43
- Multi-session support.
- 7,412.42
- Multi-session support.
GEX Profile (July 17, 2026)
- Call Wall
- 7,500. 29 points above premarket. Gapped below it. Backtest of 7,500 is the first test.
- Gamma Flip
- ~7,540. 69 points above premarket. We opened below it — negative gamma regime for the session.
- Put Wall
- 7,520. 7,520. Inverted above the flip. Unusual structure — put concentration is sitting above the call wall.
Call wall, gamma flip, put wall — what they mean and why they run the session.
Execution Levels
Long Plan
| Entry | Why | Targets |
|---|---|---|
| Dip Buy: 7,456 | Below premarket. | 7,477 (20 SMA), 7,495 (21 EMA), 7,506 |
| Second Bid: 7,447 | Support. | 7,461 (50-day SMA), 7,477 (20 SMA), 7,495 (21 EMA) |
| Deep Bid: 7,437 | Support. | 7,456 (8w EMA), 7,466, 7,477 (20 SMA) |
| Extreme: 7,429 | Support. Deep negative gamma. | 7,445, 7,456 (8w EMA), 7,466 |
| Reclaim: 7,497 | Through resistance. Extension toward the call wall. | 7,515 (13 EMA), 7,532 (8 EMA), 7,540 (flip) |
| Continuation: 7,540 | Extension. | 7,560, 7,570, 7,590 |
Short Plan
| Entry | Why | Targets |
|---|---|---|
| Fade pops to: 7,488-7,499 | Resistance approaching the call wall. | 7,477 (20 SMA), 7,461 (50-day SMA), 7,451 |
| Below 7,520 | Loss of the put wall. Negative gamma accelerating. | 7,506, 7,495 (21 EMA), 7,477 (20 SMA) |
| Breakdown: 7,514 | Multi-session support. | 7,495 (21 EMA), 7,477 (20 SMA), 7,461 (50-day SMA) |
How the entry tiers and targets are built: the SPX 0DTE strategy guide.
VIX Levels
- 17.11 key
- 17.15
- 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.