Morning Note · Wednesday, July 22, 2026
Gapped Below the Flip
Sent to members at 8:30 AM ET on Jul 22, 2026. Posted here the next trading day.
Key numbers
- 7,483.41
- Premarket
SPX is trading 7,483 premarket — 26 points below yesterday's close of 7,509. We gapped below the gamma flip at 7,495. Negative gamma.
Oil is up over 4% after Rubio said Iran is "not serious about talks" and U.S. strikes continued for an 11th night. Brent hit $93. Nasdaq futures are leading the decline, down 0.91%, with Alphabet and Tesla reporting after the close. VIX is up to 17.58.
We're 12 points below the flip at 7,495. The put wall at 7,450 is 33 points below. The call wall at 7,550 is 67 points above. The 50-day SMA at 7,470 sits between here and the put wall.
If 7,495 doesn't reclaim, 7,470 and 7,450 are the next stops below. The 21-week at 7,266 is 217 points away — irrelevant until Friday.
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Big Picture Levels
- 7,266
- 21-week EMA. Only Friday's close matters.
- 7,199
- 20-week SMA.
- 7,162
- 100-day SMA.
- 6,995
- 200-day SMA.
Today's Trading
- Primary range
- 7,451 – 7,497
- 7,550
- Call wall. Magnet. Ceiling.
- 7,513.95
- Prior demand. Resistance.
- 7,505.64
- 8 EMA (daily) area.
- 7,499.47
- Gamma flip at 7495 converges. 8 EMA (daily) area.
- 7,497.24
- Ceiling. Gamma flip at 7495 converges. 8 EMA (daily) area.
- 7,495
- Gamma flip. The regime line.
- 7,488.18
- 21 EMA (daily) area.
- 7,483.41
- Premarket.
- 7,481.01
- Near current price. 20 SMA (daily) area.
- 7,476.82
- 20 SMA (daily) area.
- 7,469.88
- 50-day SMA.
- 7,465.50
- 50-day SMA area.
- 7,457.31
- 8-week EMA area.
- 7,455.02
- 8-week EMA.
- 7,450
- Put wall.
- 7,446.92
- Put wall area.
- 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 22, 2026)
- Call Wall
- 7,550. 67 points above premarket. Not in play unless the gap fills and then some.
- Gamma Flip
- ~7,495. Gapped below it. 7,495 is the reclaim level for positive gamma.
- Put Wall
- 7,450. 33 points below at 7,450. The 50-day SMA at 7,470 is the first stop before it.
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. 2 points below premarket. | 7,495 (flip), 7,506, 7,514 |
| Second Bid: 7,466 | Support. | 7,478 (20 SMA), 7,489 (21 EMA), 7,499 (13 EMA) |
| Deep Bid: 7,450 | Put wall. Dense negative gamma. | 7,470 (50-day SMA), 7,478 (20 SMA), 7,489 (21 EMA) |
| Extreme: 7,445 | Support. Deep negative gamma. | 7,455 (8w EMA), 7,470 (50-day SMA), 7,478 (20 SMA) |
| Reclaim: 7,497 | Through resistance. Extension toward the call wall. | 7,514, 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: 7,488-7,499 | Resistance approaching the call wall. | 7,478 (20 SMA), 7,470 (50-day SMA), 7,455 (8w EMA) |
| Below 7,450 | Loss of the put wall. Negative gamma accelerating. | 7,437, 7,426, 7,412 |
| Breakdown: 7,445 | Multi-session support. | 7,429, 7,419, 7,400 |
How the entry tiers and targets are built: the SPX 0DTE strategy guide.
VIX Levels
- 16.26
- 16.65
- 17.11 key
- 17.15
- 18.01 key
- 18.40
- 18.48
Educational research, not investment advice. Levels and the plan describe how the desk framed that session and are published after it closed.