Morning Note · Monday, August 3, 2026
Gap Over the Call Wall
Sent to members at 8:30 AM ET on Aug 3, 2026. Posted here the next trading day.
Key numbers
- 7,524.82
- Premarket
SPX is trading 7,525 premarket — gapping 35 points above Friday's close at 7,490 and clearing the call wall at 7,520. That's the first clean gap above a call wall in two weeks. Before getting aggressive long, I want to see 7,520 hold on a backtest.
Trump canceled the planned Iran strikes over the weekend in favor of diplomacy. Oil is getting crushed — WTI down 6.2%, Brent down 5.1%. VIX opened 16.03, down from 17.09. The geopolitical premium is coming out fast. ISM Manufacturing drops at 10 a.m. ET — expected 54.0 vs. prior 53.3. Nonfarm payrolls Friday.
We're 40 points above the gamma flip at 7,485. Positive gamma. The call wall at 7,520 is 5 points below premarket — already reclaimed. The put wall is at 7,425, 100 points below.
7,520 is the gap level and the call wall. If it holds on a backtest, this has room to run. If it doesn't, the flip at 7,485 is the next anchor.
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Big Picture Levels
- 7,438
- 7,472 — 50-day SMA, 21 EMA (daily), 13 EMA (daily), 8-week EMA, 8 EMA (daily).
- 7,278
- 21-week EMA. Only Friday's close matters.
- 7,237
- 20-week SMA.
- 7,209
- 100-day SMA.
- 7,024
- 200-day SMA.
Today's Trading
- Primary range
- 7,488 – 7,555
- 7,524.82
- Premarket.
- 7,520
- Call wall. Support floor.
- 7,513.95
- Multi-session support.
- 7,505.64
- Multi-session support.
- 7,499.47
- Multi-session support.
- 7,497.24
- Multi-session support.
- 7,494.06
- Multi-session support.
- 7,488.18
- Floor. Gamma flip at 7485 converges.
- 7,485
- Gamma flip. The regime line.
- 7,481.01
- Gamma flip at 7485 converges. 20 SMA (daily) area.
- 7,476.82
- 20 SMA (daily) area.
- 7,471.51
- 50-day SMA.
- 7,465.50
- Support.
- 7,457.31
- 21 EMA (daily) area.
- 7,454.98
- 21 EMA (daily).
- 7,451.25
- 13 EMA (daily) area.
- 7,446.92
- 13 EMA (daily) area.
- 7,444.78
- 13 EMA (daily) area.
- 7,425
- Put wall.
GEX Profile (August 03, 2026)
- Call Wall
- 7,520. 5 points below premarket. Already reclaimed — support floor. The backtest level.
- Gamma Flip
- ~7,485. 40 points below premarket. Positive gamma. If 7,520 fails, this is the next test.
- Put Wall
- 7,425. 100 points below at 7,425. Distant unless something breaks.
Call wall, gamma flip, put wall — what they mean and why they run the session.
Execution Levels
Long Plan
| Entry | Why | Targets |
|---|---|---|
| Dip Buy: 7,485 | Gamma flip. Backtest of gap level — want to see this hold. | 7,497, 7,506, 7,520 (call wall) |
| Second Bid: 7,477 | Support. | 7,488, 7,497, 7,506 |
| Deep Bid: 7,425 | Put wall. Dense negative gamma. | 7,438 (8 EMA), 7,446 (8w EMA), 7,455 (21 EMA) |
| Extreme: 7,419 | Support. Deep negative gamma. | 7,438 (8 EMA), 7,446 (8w EMA), 7,455 (21 EMA) |
| Reclaim: 7,555 | Through the ceiling. | not stated |
| Continuation: 7,585 | Extension. | 7,600, 7,610, 7,630 |
Short Plan
| Entry | Why | Targets |
|---|---|---|
| Fade pops to: 7,555 | Resistance. Ceiling. | 7,514, 7,506, 7,497 |
| Below 7,485 | Loss of the gamma flip. Regime shift to negative gamma. | 7,472 (50-day SMA), 7,455 (21 EMA), 7,446 (8w EMA) |
| Below 7,425 | Loss of the put wall. Negative gamma accelerating. | 7,412, 7,400, 7,385 |
| Breakdown: 7,419 | Multi-session support. | 7,400, 7,385, 7,369 |
How the entry tiers and targets are built: the SPX 0DTE strategy guide.
VIX Levels
- 14.78 key
- 15.29
- 15.62
- 15.79
- 16.26
- 16.65
- 17.11 key
- 17.15
Educational research, not investment advice. Levels and the plan describe how the desk framed that session and are published after it closed.