Morning Note · Friday, July 31, 2026
Friday at the Flip
Sent to members at 8:30 AM ET on Jul 31, 2026. Posted here the next trading day.
It's Friday. SPX closed 7,437 yesterday — up 1.66% on the session — and is trading 7,454 premarket, 16 points above the close. That puts us right at the gamma flip at 7,455. The weekly close above the 21-week EMA at 7,274 is what matters. We're 180 points above it.
Amazon jumped 11% on earnings. SK Hynix hit its 30% daily limit, dragging Kospi up 18%. Apple dropped 7.8% on a weak forecast. PCE came in cooler. GDP softer than expected. The Fed held rates unchanged. CME FedWatch has 63% odds on a September hike. VIX closed 17.09, down 17% on the day. ECI prints at 8:30, Chicago PMI at 9:45, Michigan Sentiment at 10:00.
Premarket is sitting directly on the gamma flip at 7,455. The call wall at 7,500 is 46 points above. The put wall at 7,400 is 54 points below. The 50-day SMA at 7,469 is 15 points above premarket.
The session comes down to which side of 7,455 we open and hold. If we clear it, 7,500 is the next stop. If we don't, the put wall at 7,400 is 54 points below with the 8 EMA at 7,423 in between.
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Big Picture Levels
- 7,274
- 21-week EMA. Friday close determines the trend.
- 7,235
- 20-week SMA.
- 7,202
- 100-day SMA.
- 7,020
- 200-day SMA.
Today's Trading
- Primary range
- 7,429 – 7,497
- 7,513.95
- Prior demand. Resistance.
- 7,505.64
- Prior demand. Resistance.
- 7,500
- Call wall. Magnet. Ceiling.
- 7,497.24
- Ceiling. Call wall area.
- 7,494.06
- Prior demand. Resistance.
- 7,488.18
- Prior demand. Resistance.
- 7,481.01
- 20 SMA (daily) area.
- 7,476.82
- 20 SMA (daily) area.
- 7,468.79
- 50-day SMA.
- 7,465.50
- 50-day SMA area.
- 7,457.31
- Gamma flip at 7455 converges.
- 7,455
- Gamma flip. The regime line.
- 7,451.25
- Near current price. Gamma flip at 7455 converges. 21 EMA (daily) area.
- 7,446.92
- 21 EMA (daily) area.
- 7,444.78
- 13 EMA (daily) area.
- 7,440.21
- 13 EMA (daily).
- 7,436.60
- 13 EMA (daily) area.
- 7,434.35
- 8-week EMA.
- 7,429.22
- Floor.
- 7,425.57
- 8 EMA (daily) area.
- 7,422.94
- 8 EMA (daily).
- 7,419.43
- 8 EMA (daily) area.
- 7,412.42
- Multi-session support.
- 7,400
- Put wall.
- 7,384.88
- Multi-session support.
GEX Profile (July 31, 2026)
- Call Wall
- 7,500. 46 points above premarket. Magnet into the weekly close.
- Gamma Flip
- ~7,455. Right at premarket. The session hinges on which side we open.
- Put Wall
- 7,400. 54 points below. The 8 EMA at 7,423 sits between current price and 7,400.
Call wall, gamma flip, put wall — what they mean and why they run the session.
Execution Levels
Long Plan
| Entry | Why | Targets |
|---|---|---|
| Dip Buy: 7,451 | Support. Gamma flip at 7455 converges. | 7,469 (50-day SMA), 7,481 (20 SMA), 7,500 (call wall) |
| Second Bid: 7,445 | Support. | 7,455 (flip), 7,469 (50-day SMA), 7,481 (20 SMA) |
| Deep Bid: 7,400 | Put wall. Dense negative gamma. | 7,412, 7,423 (8 EMA), 7,434 (8w EMA) |
| Extreme: 7,385 | Support. Deep negative gamma. | 7,400, 7,412, 7,423 (8 EMA) |
| Reclaim: 7,497 | Through resistance. Extension toward the call wall. | 7,514 |
| Continuation: 7,514 | Extension. | 7,530, 7,540, 7,560 |
Short Plan
| Entry | Why | Targets |
|---|---|---|
| Fade pops to: 7,488-7,499 | Resistance approaching the call wall. | 7,477, 7,469 (50-day SMA), 7,455 (flip) |
| Below 7,455 | Loss of the gamma flip. Regime shift to negative gamma. | 7,440 (13 EMA), 7,423 (8 EMA), 7,412 |
| 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
- 15.79
- 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.