Morning Note · Thursday, August 6, 2026
New Highs, Soft Jobs
Sent to members at 8:30 AM ET on Aug 6, 2026. Posted here the next trading day.
Key numbers
- 7,734.69
- Premarket
SPX tagged a new all-time high yesterday, then gave it all back and closed down 17 basis points. Premarket is 7,735 — 11 points above the close, quietly pushing back toward that intraday high.
ADP came in at 44,000 — the weakest print in six months and well below the 70,000 forecast. That's the backdrop heading into Friday's nonfarm payrolls. Today we get Q2 productivity data and earnings from Airbnb, Cloudflare, and ConocoPhillips. AMD dropped 7% on a weak Q3 guide. SpaceX fell 13% on AI capex. Nvidia rose 4% after Musk said SpaceX would exclusively use Nvidia chips. VIX is 16.00.
Premarket is 130 points above the gamma flip at 7,605. Deep positive gamma. The call wall at 7,750 is 15 points above — that's the magnet. The put wall at 7,675 is 60 points below.
If 7,750 gets taken out, there's nothing overhead from a positioning standpoint. If we fade, 7,675 is the first anchor below.
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Big Picture Levels
- 7,575
- 8 EMA (daily).
- 7,538
- 13 EMA (daily).
- 7,508
- 7,514 — 21 EMA (daily), 20 SMA (daily), 8-week EMA.
- 7,486
- 50-day SMA.
- 7,319
- 21-week EMA. Only Friday's close matters.
- 7,298
- 20-week SMA.
- 7,237
- 100-day SMA.
- 7,040
- 200-day SMA.
Today's Trading
- Primary range
- 7,675 – 7,750
- 7,750
- Call wall. Magnet. Ceiling.
- 7,734.69
- Premarket.
- 7,675
- Put wall.
- 7,605
- Gamma flip. The regime line.
GEX Profile (August 06, 2026)
- Call Wall
- 7,750. 15 points above premarket. Magnet and near-term ceiling.
- Gamma Flip
- ~7,605. 130 points below at 7,605. Deep positive gamma.
- Put Wall
- 7,675. 60 points below at 7,675. First support if the call wall rejects.
Call wall, gamma flip, put wall — what they mean and why they run the session.
Execution Levels
Long Plan
| Entry | Why | Targets |
|---|---|---|
| Dip Buy: 7,720 | Below premarket. | 7,750 (call wall) |
| Second Bid: 7,514 | Support. | 7,538 (13 EMA), 7,575 (8 EMA), 7,605 (flip) |
| Deep Bid: 7,506 | Support. | 7,538 (13 EMA), 7,575 (8 EMA), 7,605 (flip) |
| Extreme: 7,499 | Support. Deep negative gamma. | 7,514 (21 EMA), 7,538 (13 EMA), 7,575 (8 EMA) |
| Reclaim: 7,750 | Through resistance. Extension toward the call wall. | not stated |
| Continuation: 7,780 | Extension. | 7,800, 7,810, 7,830 |
Short Plan
| Entry | Why | Targets |
|---|---|---|
| Fade pops to: 7,750 | Resistance. Call wall right above. | 7,675 (put wall), 7,605 (flip), 7,575 (8 EMA) |
| Below 7,605 | Loss of the gamma flip. Regime shift to negative gamma. | 7,575 (8 EMA), 7,538 (13 EMA), 7,514 (21 EMA) |
| Below 7,675 | Loss of the put wall. Negative gamma accelerating. | 7,605 (flip), 7,575 (8 EMA), 7,538 (13 EMA) |
| Breakdown: 7,575 | 8 EMA (daily). First MA break. | 7,538 (13 EMA), 7,514 (21 EMA), 7,499 |
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.