Gap Up Into Negative Gamma — SPX Morning Note, Jul 20, 2026

Key numbers

7,487.10: Premarket

SPX gapped up 29 points to 7,487 premarket. Last week ended ugly — SPX down 1.6%, Nasdaq down 2.9%, semis in a bear market after the Kimi K3 model dropped. The Philadelphia Semiconductor Index lost 11% in five sessions and is down 24% from its late-June high.

Iran is the other variable. The U.S. hit its ninth consecutive day of strikes overnight, but Iran's foreign ministry floated diplomacy this morning. Oil is mixed — WTI at $82.35, Brent at $88.54 after touching $90 earlier. The 10-year is at 4.5%. VIX closed Friday at 18.77, up 12% on the week. The Warsh Fed held at 3.50–3.75% in June, but nine of eighteen members now support hikes this year. In March, that number was zero. Core inflation is running 4.2%.

We're 68 points below the gamma flip at 7,555. Negative gamma. The call wall at 7,565 is 78 points above. The put wall at 7,440 is 47 points below — that's also Friday's closing area. The 50-day SMA at 7,465 and the 8 EMA at 7,515 are the nearest moving averages, both overhead. The 21-week EMA at 7,242 is 245 points below — irrelevant until Friday.

If this gap holds, the 8 EMA at 7,515 is the first test. If 7,440 breaks, we're back below Friday's close with the put wall gone.

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Big Picture Levels

7,242: 21-week EMA. Only Friday's close matters.
7,151: 7,161 — 20-week SMA, 100-day SMA.
6,987: 200-day SMA.

Today's Trading

Primary range: 7,445 – 7,497
7,565: Call wall. Magnet. Ceiling.
7,555: Gamma flip. The regime line.
7,513.95: 8 EMA (daily) area.
7,505.64: 13 EMA (daily) area.
7,499.47: Prior demand. Resistance.
7,497.24: Ceiling.
7,494.06: 21 EMA (daily) area.
7,491.37: 21 EMA (daily).
7,487.10: Premarket.
7,481.01: 20 SMA (daily) area.
7,476.82: 20 SMA (daily) area.
7,465.50: 50-day SMA area.
7,457.31: Multi-session support.
7,451.25: Multi-session support.
7,446.92: Support.
7,444.78: Floor. Put wall area.
7,440: Put wall.
7,436.60: Put wall area. 8-week EMA area.
7,429.22: Multi-session support.
7,425.57: Multi-session support.
7,419.43: Multi-session support.
7,412.42: Multi-session support.
7,400.24: Multi-session support.

GEX Profile (July 20, 2026)

Call Wall: 7,565. 78 points above premarket. Clustered with the flip at 7,555 — reclaiming both changes the regime.
Gamma Flip: ~7,555. 68 points above at 7,555. Negative gamma. Every tick is amplified in both directions.
Put Wall: 7,440. 47 points below at 7,440. Right at Friday's close. If the gap fills, that's the floor to watch.

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

Execution Levels

Long Plan

Entry	Why	Targets
Dip Buy: 7,481	Support. 6 points below premarket.	7,491 (21 EMA), 7,507 (13 EMA), 7,515 (8 EMA)
Second Bid: 7,466	Support.	7,479 (20 SMA), 7,491 (21 EMA), 7,507 (13 EMA)
Deep Bid: 7,440	Put wall. Dense negative gamma.	7,451, 7,465 (50-day SMA), 7,479 (20 SMA)
Extreme: 7,429	Support. Deep negative gamma.	7,440 (8w EMA), 7,451, 7,465 (50-day SMA)
Reclaim: 7,497	Through the gamma flip. Call wall right above — reclaim IS the breakout.	7,515 (8 EMA), 7,555 (flip), 7,565 (call wall)
Continuation: 7,565	Through the call wall. New territory.	7,580, 7,600, 7,620

Short Plan

Entry	Why	Targets
Fade pops to: 7,488-7,499	Resistance approaching the call wall.	7,477, 7,465 (50-day SMA), 7,451
Below 7,440	Loss of the put wall. Negative gamma accelerating.	7,429, 7,419, 7,400
Breakdown: 7,429	Multi-session support.	7,412, 7,400, 7,385

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

VIX Levels

16.65
17.11 key
17.15
18.01 key
18.40
18.48
19.27
19.35 key
19.53

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