Morning Note · Thursday, July 23, 2026
Alphabet Beats, Tesla Breaks, Gap Down
Sent to members at 8:30 AM ET on Jul 23, 2026. Posted here the next trading day.
Key numbers
- 7,430.33
- Premarket
SPX is trading 7,430 premarket — 69 points below yesterday's close of 7,499. That's the largest gap down in three weeks. We gapped below the 50-day SMA at 7,472 and the 8-day EMA at 7,501. Both are overhead now.
Alphabet posted 24% sales growth and 81% cloud revenue growth, but $45 billion in capex swung free cash flow negative. Tesla dropped 6% premarket — operating margin collapsed to 1.4% from 4.1% a year ago. The 10-year yield is at a two-month high near 4.63%. Brent crude hit $94.07 after the 11th straight round of U.S. strikes against Iran. Jobless claims came in at 187,000 — well below last week's 208,000. VIX is at 18.70, up 12%.
We're 125 points below the gamma flip at 7,555. Negative gamma. The put wall at 7,485 is 55 points above premarket — we gapped through it. The call wall at 7,570 is 140 points above. The 21-week EMA at 7,265 is 165 points below — irrelevant until Friday.
If 7,485 doesn't reclaim on a gap fill attempt, the next support is the 50-day at 7,472. Below that, it's open air toward 7,400.
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Big Picture Levels
- 7,485
- 7,501 — 8 EMA (daily), 13 EMA (daily), 21 EMA (daily), 20 SMA (daily).
- 7,265
- 21-week EMA. Only Friday's close matters.
- 7,199
- 20-week SMA.
- 7,168
- 100-day SMA.
- 6,999
- 200-day SMA.
Today's Trading
- Primary range
- 7,419 – 7,497
- 7,570
- Call wall. Magnet. Ceiling.
- 7,555
- Gamma flip. The regime line.
- 7,513.95
- Prior demand. Resistance.
- 7,505.64
- 8 EMA (daily) area.
- 7,499.47
- 8 EMA (daily) area.
- 7,497.24
- Ceiling. 8 EMA (daily) area.
- 7,494.06
- 21 EMA (daily) area.
- 7,488.18
- Put wall area. 21 EMA (daily) area.
- 7,485
- Put wall.
- 7,481.01
- Put wall area. 20 SMA (daily) area.
- 7,476.82
- 50-day SMA area.
- 7,471.88
- 50-day SMA.
- 7,465.50
- Resistance.
- 7,457.31
- 8-week EMA area.
- 7,451.25
- 8-week EMA area.
- 7,446.92
- Resistance.
- 7,444.78
- Prior demand. Resistance.
- 7,436.60
- Prior demand. Resistance.
- 7,430.33
- Premarket.
- 7,425.57
- Multi-session support.
- 7,419.43
- Floor.
- 7,412.42
- Multi-session support.
- 7,400.24
- Multi-session support.
- 7,384.88
- Multi-session support.
- 7,376.92
- Multi-session support.
GEX Profile (July 23, 2026)
- Call Wall
- 7,570. 140 points above premarket. Distant resistance.
- Gamma Flip
- ~7,555. 125 points above. Deep in negative gamma.
- Put Wall
- 7,485. 7,485 — gapped through it. Former support is now the first reclaim target on any bounce.
Call wall, gamma flip, put wall — what they mean and why they run the session.
Execution Levels
Long Plan
| Entry | Why | Targets |
|---|---|---|
| Dip Buy: 7,415 | Below premarket. | 7,426, 7,437, 7,453 (8w EMA) |
| Second Bid: 7,400 | Support. | 7,412, 7,426, 7,437 |
| Deep Bid: 7,385 | Support. | 7,412, 7,426, 7,437 |
| Extreme: 7,377 | Support. Deep negative gamma. | 7,412, 7,426, 7,437 |
| Reclaim: 7,497 | Through resistance. Extension toward the call wall. | 7,514, 7,555 (flip), 7,570 (call wall) |
| Continuation: 7,570 | Through the call wall. New territory. | 7,580, 7,600, 7,620 |
Short Plan
| Entry | Why | Targets |
|---|---|---|
| Fade pops to: 7,488-7,494 | Resistance zone. | 7,472 (50-day SMA), 7,453 (8w EMA), 7,437 |
| Below 7,485 | Loss of the put wall. Negative gamma accelerating. | 7,472 (50-day SMA), 7,453 (8w EMA), 7,437 |
| Breakdown: 7,477 | Multi-session support. | 7,466, 7,453 (8w EMA), 7,437 |
How the entry tiers and targets are built: the SPX 0DTE strategy guide.
VIX Levels
- 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.