Morning Note · Tuesday, August 4, 2026
Gap Up Into New Highs
Sent to members at 8:30 AM ET on Aug 4, 2026. Posted here the next trading day.
Key numbers
- 7,626.98
- Premarket
SPX is trading 7,627 premarket — 26 points above yesterday's close of 7,600.50. That's a gap over Friday's high into territory we haven't traded before. Before getting aggressive long, I want to see a backtest of the 7,600 area hold.
Monday's 1.48% rally came after Trump called off Iran strikes and signaled resumed talks. Brent crude dropped 6%. Caterpillar jumped 9% premarket on its first $20B revenue quarter. Palantir soared 14% after hours. SpaceX reports its first-ever earnings after the bell today with its IPO lockup expiring August 6. The 10-year is at 4.69%. VIX is 15.69.
We're 222 points above the gamma flip at 7,405. Deep positive gamma. The call wall at 7,550 is 77 points below premarket — that's a support floor now, not a ceiling. The put wall at 7,495 is 132 points below. The 21-week EMA at 7,308 is 319 points away — irrelevant until Friday.
If 7,600 holds on a backtest, this gap is confirmed and we're running in open air. If it doesn't, the call wall at 7,550 is the next floor.
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Big Picture Levels
- 7,468
- 7,484 — 20 SMA (daily), 8-week EMA, 50-day SMA, 8 EMA (daily), 13 EMA (daily), 21 EMA (daily).
- 7,292
- 7,308 — 21-week EMA, 20-week SMA. Only Friday's close matters.
- 7,217
- 100-day SMA.
- 7,029
- 200-day SMA.
Today's Trading
- Primary range
- 7,550 – 7,657
- 7,626.98
- Premarket.
- 7,550
- Call wall. Support floor.
- 7,513.95
- Multi-session support.
- 7,505.64
- Multi-session support.
- 7,495
- Put wall.
- 7,405
- Gamma flip. The regime line.
GEX Profile (August 04, 2026)
- Call Wall
- 7,550. 7,550 — 77 points below premarket. Already reclaimed. Support floor.
- Gamma Flip
- ~7,405. 7,405 — 222 points below. Deep positive gamma.
- Put Wall
- 7,495. 7,495 — 132 points below. Well beneath the call wall.
Call wall, gamma flip, put wall — what they mean and why they run the session.
Execution Levels
Long Plan
| Entry | Why | Targets |
|---|---|---|
| Dip Buy: 7,550 | Call wall. Support floor. | not stated |
| Second Bid: 7,514 | Support. | not stated |
| Deep Bid: 7,495 | Put wall. Dense negative gamma. | 7,506 |
| Extreme: 7,474 | 8 EMA (daily). First MA test. | 7,484 (20 SMA), 7,494, 7,506 |
| Reclaim: 7,657 | Through the ceiling. | not stated |
| Continuation: 7,687 | Extension. | 7,700, 7,720, 7,740 |
Short Plan
| Entry | Why | Targets |
|---|---|---|
| Fade pops to: 7,657 | Resistance. Ceiling. | 7,514, 7,506, 7,495 (put wall) |
| Below 7,405 | Loss of the gamma flip. Regime shift to negative gamma. | 7,385, 7,369, 7,360 |
| Below 7,495 | Loss of the put wall. Negative gamma accelerating. | 7,484 (20 SMA), 7,475 (50-day SMA), 7,466 |
| Breakdown: 7,488 | Multi-session support. | 7,475 (50-day SMA), 7,466, 7,457 |
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
Educational research, not investment advice. Levels and the plan describe how the desk framed that session and are published after it closed.