Gap Up Into the Data — SPX Morning Note, Jul 30, 2026

Key numbers

7,368.20: Premarket

SPX is trading 7,368 premarket — a 52-point gap above yesterday's 7,316 close. That puts us 68 points above the put wall at 7,300. Before getting aggressive, want to see a backtest of 7,316 hold.

Yesterday was ugly. The Fed held rates but three members dissented — voting for a hike. The 30-year hit 5.23%, highest since 2007. Nasdaq 100 is in correction territory. SPX dropped 1.52%. The gap this morning is driven by Microsoft, up 9% after hours on cloud and AI beats. Meta fell 6%. Overnight, U.S. strikes hit Iranian targets and Brent topped $90. This morning we get Q2 GDP, jobless claims, and June PCE — all before the open. Apple and Amazon report after the bell.

We're 263 points above the gamma flip at 7,105. Deep positive gamma. The call wall at 7,550 is 182 points above. The put wall at 7,300 is 68 points below — that's close to yesterday's close. The 21-week EMA at 7,263 is 106 points below — irrelevant until Friday. The 8 EMA daily at 7,419 is 51 points above.

Three major data prints before the open, then two mega-cap earnings tonight. If 7,316 holds on the backtest, the 8 EMA daily at 7,419 is the next level above. If the gap fills, the put wall at 7,300 is right there.

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Big Picture Levels

7,441: 7,483 — 20 SMA (daily), 50-day SMA, 21 EMA (daily), 13 EMA (daily).
7,419: 8 EMA (daily).
7,263: 21-week EMA. Only Friday's close matters.
7,229: 20-week SMA.
7,195: 100-day SMA.
7,016: 200-day SMA.

Today's Trading

Primary range: 7,342 – 7,419
7,550: Call wall. Magnet. Ceiling.
7,436.60: 13 EMA (daily) area.
7,429.22: Prior demand. Resistance.
7,425.57: Prior demand. Resistance.
7,419.43: Ceiling. 8 EMA (daily) area.
7,412.42: Prior demand. Resistance.
7,407.36: 8-week EMA.
7,400.24: Prior demand. Resistance.
7,384.88: Prior demand. Resistance.
7,376.92: Prior demand. Resistance.
7,368.20: Premarket.
7,359.93: Multi-session support.
7,355.15: Support.
7,351.68: Support.
7,347.15: Support.
7,341.79: Floor.
7,336.91: Multi-session support.
7,332.50: Multi-session support.
7,326.20: Support.
7,321.30: Multi-session support.
7,314.70: Support.
7,309.60: Multi-session support.
7,302.60: Put wall area.
7,300: Put wall.
7,296.20: Put wall area.
7,105: Gamma flip. The regime line.

GEX Profile (July 30, 2026)

Call Wall: 7,550. 182 points above premarket. Magnet if data clears.
Gamma Flip: ~7,105. 263 points below. Deep positive gamma.
Put Wall: 7,300. 68 points below. Sits right near yesterday's close at 7,316.

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

Execution Levels

Long Plan

Entry	Why	Targets
Dip Buy: 7,360	Support. 8 points below premarket.	7,377, 7,407 (8w EMA), 7,419 (8 EMA)
Second Bid: 7,352	Support.	7,369, 7,377, 7,407 (8w EMA)
Deep Bid: 7,300	Put wall. Dense negative gamma.	7,315, 7,326, 7,337
Extreme: 7,273	Support. Deep negative gamma.	7,296, 7,310, 7,321
Reclaim: 7,419	Through resistance. Extension toward the call wall.	7,441 (13 EMA), 7,453 (21 EMA), 7,468 (50-day SMA)
Continuation: 7,468	Extension.	7,483 (20 SMA), 7,494, 7,506

Short Plan

Entry	Why	Targets
Fade pops to: 7,412-7,419	Resistance zone.	7,400, 7,385, 7,369
Below 7,105	Loss of the gamma flip. Regime shift to negative gamma.	7,083, 7,072, 7,063
Below 7,300	Loss of the put wall. Negative gamma accelerating.	7,273, 7,263 (21w EMA), 7,250
Breakdown: 7,265	Multi-session support.	7,250, 7,229 (20w SMA), 7,218

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.