Flat at the Highs — SPX Morning Note, Aug 10, 2026

SPX closed at a record 7,757.64 Friday and is trading 7,752 premarket — essentially unchanged. No gap. No catalyst until Wednesday's CPI.

Friday's payrolls printed -23,000 versus +80,000 expected. Markets read that as removing any near-term hike risk. The 10-year dropped to 4.65%. SPX rallied 0.62% on the day, 3.58% on the week. This morning, Hormuz headlines are adding a bid to oil — Brent at $84 — but futures are flat. VIX at 14.90.

Premarket is 52 points above the gamma flip at 7,700. Positive gamma. The call wall at 7,750 is 2 points below premarket — it's a support floor. The put wall is at 7,655, 97 points below. Monday at record highs with no data on deck. CPI Wednesday is the next thing that matters.

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Big Picture Levels

7,639: 8 EMA (daily).
7,591: 13 EMA (daily).
7,552: 21 EMA (daily).
7,515: 7,525 — 20 SMA (daily), 8-week EMA.
7,494: 50-day SMA.
7,322: 21-week EMA. Only Friday's close matters.
7,300: 20-week SMA.
7,258: 100-day SMA.
7,050: 200-day SMA.

Today's Trading

Primary range: 7,750 – 7,782
7,750: Call wall. Support floor.
7,700: Gamma flip. The regime line.
7,655: Put wall.

GEX Profile (August 10, 2026)

Call Wall: 7,750. 2 points below premarket. Support floor at the highs.
Gamma Flip: ~7,700. 7,700 — 52 points below. Positive gamma. Comfortable cushion.
Put Wall: 7,655. 7,655. 97 points below premarket. Not in play 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: 7,750	Call wall. Support floor.	not stated
Second Bid: 7,514	Support.	7,525 (20 SMA), 7,552 (21 EMA), 7,591 (13 EMA)
Deep Bid: 7,506	Support.	7,525 (20 SMA), 7,552 (21 EMA), 7,591 (13 EMA)
Extreme: 7,499	Support. Deep negative gamma.	7,515 (8w EMA), 7,525 (20 SMA), 7,552 (21 EMA)
Reclaim: 7,782	Through the ceiling.	not stated
Continuation: 7,812	Extension.	7,830, 7,840, 7,860

Short Plan

Entry	Why	Targets
Fade pops to: 7,782	Resistance. Ceiling.	7,700 (flip), 7,655 (put wall), 7,639 (8 EMA)
Below 7,700	Loss of the gamma flip. Regime shift to negative gamma.	7,655 (put wall), 7,639 (8 EMA), 7,591 (13 EMA)
Below 7,655	Loss of the put wall. Negative gamma accelerating.	7,639 (8 EMA), 7,591 (13 EMA), 7,552 (21 EMA)
Breakdown: 7,639	8 EMA (daily). First MA break.	7,591 (13 EMA), 7,552 (21 EMA), 7,525 (20 SMA)

How the entry tiers and targets are built: the SPX 0DTE strategy guide.

Educational research, not investment advice. Levels and the plan describe how the desk framed that session and are published after it closed.