Morning Note · Friday, July 24, 2026
Friday, Negative Gamma, 7,400 Close
Sent to members at 8:30 AM ET on Jul 24, 2026. Posted here the next trading day.
Key numbers
- 7,431.10
- Premarket
It's Friday. SPX closed 7,408 yesterday — down 91 points, the biggest one-day drop in a month. Premarket is 7,431, gapping up 23 points. The 21-week EMA at 7,257 is 174 points below. The weekly close above it extends the trend.
Thursday was ugly. Alphabet dropped 7%, Tesla 14.5% — both flagging massive AI capex increases that spooked the market. New Section 301 tariffs on 60 trading partners took effect at midnight. Brent crude briefly topped $100 after Red Sea attacks on Saudi tankers. VIX closed 18.70, up 12% on the day.
Premarket is 94 points below the gamma flip at 7,525. Negative gamma. The call wall at 7,530 is 99 points above. The put wall at 7,400 is 31 points below — right at yesterday's close.
The 8 EMA at 7,480 and 50-day at 7,472 are both 40–50 points above premarket. If 7,400 breaks on the weekly close, the next support is 174 points lower at the 21-week.
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Big Picture Levels
- 7,482
- 7,487 — 20 SMA (daily), 13 EMA (daily), 21 EMA (daily).
- 7,257
- 21-week EMA. Friday close determines the trend.
- 7,194
- 20-week SMA.
- 7,173
- 100-day SMA.
- 7,002
- 200-day SMA.
Today's Trading
- Primary range
- 7,419 – 7,481
- 7,530
- Call wall. Magnet. Ceiling.
- 7,525
- Gamma flip. The regime line.
- 7,499.47
- Prior demand. Resistance.
- 7,497.24
- Prior demand. Resistance.
- 7,494.06
- Prior demand. Resistance.
- 7,488.18
- 13 EMA (daily) area.
- 7,481.01
- Ceiling. 8 EMA (daily) area.
- 7,476.82
- 8 EMA (daily) area.
- 7,471.79
- 50-day SMA.
- 7,465.50
- Resistance.
- 7,457.31
- Prior demand. Resistance.
- 7,451.25
- Prior demand. Resistance.
- 7,446.92
- Resistance.
- 7,444.78
- Prior demand. Resistance.
- 7,436.60
- 8-week EMA area.
- 7,431.10
- Premarket.
- 7,425.57
- Multi-session support.
- 7,419.43
- Floor.
- 7,412.42
- Multi-session support.
- 7,400
- Put wall.
- 7,384.88
- Multi-session support.
- 7,376.92
- Multi-session support.
GEX Profile (July 24, 2026)
- Call Wall
- 7,530. 99 points above premarket. Clustered with the flip at 7,525. Distant resistance.
- Gamma Flip
- ~7,525. 7,525 — 94 points above. Deep in negative gamma territory all session unless we reclaim 100 points.
- Put Wall
- 7,400. 7,400. Right at yesterday's close. The floor that matters for the weekly candle.
Call wall, gamma flip, put wall — what they mean and why they run the session.
Execution Levels
Long Plan
| Entry | Why | Targets |
|---|---|---|
| Dip Buy: 7,429 | Support. 2 points below premarket. | 7,445, 7,457, 7,472 (50-day SMA) |
| Second Bid: 7,419 | Support. | 7,433 (8w EMA), 7,445, 7,457 |
| Deep Bid: 7,400 | Put wall. Dense negative gamma. | 7,412, 7,433 (8w EMA), 7,445 |
| Extreme: 7,385 | Support. Deep negative gamma. | 7,400, 7,412, 7,433 (8w EMA) |
| Reclaim: 7,481 | Through the gamma flip. Call wall right above — reclaim IS the breakout. | 7,494, 7,506, 7,514 |
| Continuation: 7,514 | Extension. | 7,525 (flip) |
Short Plan
| Entry | Why | Targets |
|---|---|---|
| Fade pops to: 7,477-7,481 | Resistance zone. | 7,466, 7,457, 7,447 |
| Below 7,400 | Loss of the put wall. Negative gamma accelerating. | 7,385, 7,369, 7,360 |
| Breakdown: 7,385 | Multi-session support. | 7,369, 7,360, 7,352 |
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.