GexLevels

📊 SPY GEX Framework — 07/21/26 Regime: Net GEX -0.64B (Short Gamma) | Bias: RANGE-BOUND KEY LEVELS • Gamma Flip: 746 (spot 744.9, 1.1 pts below) → Chop Filter Active • 0DTE Magnet: 750 → primary intraday attractor • Call Wall / Full-Chain Magnet: 755 → structural upside ceiling • Put Wall: 740 → volatility trigger below SCENARIO MAP • Spot currently within Gamma Flip ±2pts triggering erratic sawtooth tape and No Man's Land friction per Rule #1 logic • Reclaim above Magnet at 750 improves odds of rotation toward Full Chain Pull Wall resistance range • Sustained rejection near Put Wall favors expansion if triggered, but P/C > 2 defends current consolidation zone today MARKET STRUCTURE Spot sits inside the chop filter corridor preventing trend acceleration despite negative Net GEX structural pull. Dealers balance hedges around this pivot point rather than expanding volatility yet. The intraday range remains bounded within ATR limits while waiting for a decisive break away from Flip friction or macro shock to occur. CATALYST CONTEXT • Treasury Bessent comments confirm funding stability neutralizing immediate risk premium spikes in morning session headlines only • Oil tanker Red Sea events add mild geopolitical backdrop for potential volatility offsetting equities without CPI release pressure Expected Range (data-driven): 734 — 753 | Prior-day shift shows Gamma Flip compression narrowing the range corridor.

📊 SPY GEX Framework — 2026-07-20 Regime: Net GEX -0.54B | Bias: RANGE-BOUND KEY LEVELS • Gamma Flip: 751 (spot 746.6, 4.4 pts below) → Chop Filter Inactive • 0DTE Magnet: 755 → primary intraday attractor • Call Wall / Full-Chain Magnet: 755 → structural upside ceiling • Put Wall: 740 → volatility trigger below SCENARIO MAP • Reclaim/hold above 755 improves odds of rotation toward 755 • Rejection below 755 keeps pressure on Gamma Flip near 751 • Sustained trade below 740 favors expansion over mean reversion • Back above 751 shifts toward a more balanced/choppy tape MARKET STRUCTURE Spot sits -4 pts below Gamma Flip, safely outside the ±2 point immediate churn zone. Aligning magnets create a vacuum ceiling rather than divergent pull at 755/0DTE split this week as full chain walls support intraday magnet alignment today specifically while VIX Moderate implies caution until catalyst noise settles; range-bound tape confirmed by lack of structural gap between full and intraday levels preventing breakout yet CATALYST CONTEXT 📐 Expected Range: 736.0 — 755.5 | ATR-implied width +18 pts buffer 🔄 Prior-day shift: Net GEX compressed from -1.2B to -0.54B, Flip tightened from 752 down to 751 as support strengthened near spot price levels observed recently

📊 SPY GEX Framework — 2026-07-17 Regime: Net GEX -1.7B (Short Gamma) | Bias: VOLATILE KEY LEVELS • Gamma Flip: 752 (spot 744.3, 7.7 pts below) → Chop Filter Inactive • 0DTE Magnet: 752 → primary intraday attractor • Call Wall / Full-Chain Magnet: 760 → structural upside ceiling • Put Wall: 740 → volatility trigger below SCENARIO MAP • Reclaim/hold above 752 improves odds of rotation toward 760 • Rejection below 752 keeps pressure on Gamma Flip near 752 • Sustained trade below 740 favors expansion over mean reversion • Back above 752 shifts toward a more balanced/choppy tape MARKET STRUCTURE Spot sits -8pts from Gamma Flip with heavy short gamma. Full chain ceiling is close but VIX Moderate means catalysts required to drive above current data-driven limits until trend acceleration confirmed or below support shift changes structure to expansion favored over chop within negative GEX territory as volatility expands potential beyond expectations when drop through 740 occurs CATALYST CONTEXT • Housing Starts beat forecasts at 8:30 ET amid mixed permits and import prices late morning release potential volatility injection from global tension headlines regarding Europe gas gains and Mideast tensions context affecting sentiment today's session prep • Fitch Ratings ends use of Iran war adverse scenario as a ratings signal on early pre-market trade EXPECTED RANGE (data-driven): 734 — 752. Prior-day shift: Net GEX doubled negative since yesterday, increasing dealer selling pressure potential below current support zones where expansion favored rather than mean reversion compression regime breakdown occurs when volatility expands beyond expectations within calculated limits

📊 SPY GEX Framework — July 16, 2026 Regime: Net GEX -0.87B (short-gamma) | Bias: RANGE-BOUND KEY LEVELS • Gamma Flip: 754.0 (spot ~3 pts below) → Chop Risk Elevated near flip zone • 0DTE Magnet: 760.0 → primary intraday attractor aligned with ceiling • Call Wall / Full Chain: 760.0 (+162M GEX) → structural upside cap • Put Wall: 750.0 (-415M GEX) → major support/volatility trigger below SCENARIO MAP • Reclaim/hold above Gamma Flip improves odds of rotation into magnet/callwall range bound mechanics • Breakout rejection or drop below Call Magnet sustains compression toward flip/pullback zone • Sustained trade below Put Wall favors expansion over mean reversion if broken on close • Back to chop tape confirmed when spot stabilizes between 745 and Flip levels MARKET STRUCTURE Spot 751 sits ~3pts below Full Gamma Flip, with VIX Moderately High (15.7) despite range-bound bias from magnets aligning at ceiling. The shift in Net GEX to deeply negative territory (-0.8B net vs +0.6B prior day) indicates dealers are short-gamma and selling dips aggressively below the new Put Wall 750 level, but mean-reversion pull toward Magnet remains intact as primary driver for intraday price discovery without major structural breakouts yet confirmed by data. CATALYST CONTEXT • Core Retail Sales Miss (-0.2% vs -0.1%) limits upside momentum while Jobless Claims beat supports soft landing narrative keeping volatility moderate near Flip level before next FOMC cycle begins later in month. • Atlanta Fed GDPNow scheduled at 11:30 ET for Q2 — data may trigger regime shift from chop to breakout if significantly above/more than expected forecast range. 📐 Expected Range (data-driven): 742-759 pts 🔄 Prior-day GEX Shift: Full Chain Net GEX inverted from +0.6B long-gamma yesterday to -0.8B short gamma today, and Put Wall support moved significantly higher to 750 (-415M) vs prior 740 level.

📊 SPY GEX Framework — 2026-07-15 Regime: Net GEX +0.6B | Bias: LEAN BULLISH (computed) KEY LEVELS • Gamma Flip: 751 (spot 753.8, 2.8 pts above) → Chop Filter Inactive • 0DTE Magnet: 757 → primary intraday attractor • Call Wall / Full-Chain Magnet: 760 → structural upside ceiling • Put Wall: 740 → volatility trigger below SCENARIO MAP • Reclaim/hold above 757 improves odds of rotation toward 760 • Rejection below 757 keeps pressure on Gamma Flip near 751 • Sustained trade below 740 favors expansion over mean reversion • Back above 751 shifts toward a more balanced/choppy tape MARKET STRUCTURE Dealers long gamma above flip (+0.6B) favor mean reversion buying dips/selling rallies, yet spot proximity to Magnet/Flip favors grind up toward Call Walls as primary intraday target over structural ceiling for now when separated by 3pts distance range bound logic applies until breakout confirmed >8:45 catalyst news context supports upside bias on labor resilience headlines while Middle East risks noted in Fed comments provide volatility floor keeping VIX moderate regime active initially then potential expansion if above 760 CATALYST CONTEXT • Fed Williams signals solid growth/labor stability and inflation peak ahead supporting lean bullish momentum vs regime risks from supply disruption notes impacting macro sentiment near open events like Empire Mfg Index release earlier this morning providing data backing bias despite VIX moderate readings keeping range compression high initially then breakout potential if above 760 📐 Expected Range: 746 — 762 | Prior Day Flip lift +1pts, Net GEX doubled to positive indicating stronger support preventing downside triggers until Put Wall acceptance below accelerates selling pressure from dealers rebalancing hedges at [735]

📊 SPY GEX Framework — 2026-07-14 Regime: Net GEX +$265M (long-gamma) | Bias: RANGE-BOUND KEY LEVELS • Gamma Flip: 749.0 (Spot is ~3 pts above, mean reversion corridor defined by positive net gamma zone active until wall breach) • 0DTE Magnet: 755.0 → primary intraday attractor for any pullback or rally within day • Call Wall / Full-Magnet Ceiling: 760.0 (168M+) → structural upside ceiling limiting expansion velocity today • Put Wall: 740 (-93M) → volatility trigger below shifts regime from range-bound to accelerated selling if breached SCENARIO MAP • Reclaim/hold above 755 improves odds of rotation toward 757 • Rejection below 755 keeps pressure on Gamma Flip near 749 • Sustained trade below 740 favors expansion over mean reversion • Back above 749 shifts toward a more balanced/choppy tape MARKET STRUCTURE Positive net GEX supports mean reversion compression around Flip. Spot is ~3 pts above Full Gamma Floor, avoiding immediate chop filter chaos yet still within range corridor defined by positive zones. Moderate VIX dampens expansion potential until structural breach occurs or volatility regime shifts higher. Range bound logic holds despite soft CPI headlines reducing downside pressure slightly for now as dealers manage deltas on stable labor data. CATALYST CONTEXT • Core CPI dropped -0.21% MoM earlier in session; Labor market stable per Chair Warsh comments reducing rate hike fears momentarily 📐 Expected Range: 743 — 760 (Data-driven ATR+VIX) 🔄 Prior-day shift: Full Chain Gamma Flip dropped from 752 to 749, moving structural floor lower relative spot while Net GEX flipped positive (+$0.26B).

📊 SPY GEX Framework — 2026-07-13 Regime: Net GEX -0.29B | Bias: RANGE-BOUND KEY LEVELS • Gamma Flip: 752 (spot ~0 pts) → No Man's Land active, expect churn if reverts to flip level • Magnet: 759/760 → Primary intraday pull and structural ceiling respectively • Call Wall Full Chain Ceiling: 760 (+155M GEX exposure sold by dealers here as resistance) • Put Wall Volatility Trigger: 750 (-165M GEX exposed below this level accelerates selling if breached) SCENARIO MAP • Near Flip (±2pts) triggers heavy churn and sawtooth action • Rejection above Call Wall shifts focus to structural ceiling for potential range expansion • Drop through Put Wall in negative gamma regime confirms accelerated selling over mean reversion MARKET STRUCTURE Spot sits inside Gamma Filter. Short gamma exposure limits explosive moves until clear break below 750 or rejection from Walls. Expect chop near inflection then volatility spike if flip confirmed without macro catalysts driving move early session open. Current bias remains calibrated range-bound per computed metrics despite negative GEX book due to high proximity to Flip levels which suppresses breakout velocity right now CATALYST CONTEXT • Germany May surplus noted in market feeds, limiting immediate directional pressure on SPY EXPECTED RANGE: 743 — 759 (Use ATR+VIX-implied for intraday guidance) PRIOR DAY SHIFT Gamma Flip moved down from yesterday to coincide with current price. Net GEX turned negative relative to prior day's positive zone as traders adjusted positions before open session action unfolds within these structural constraints

📊 SPY GEX Framework — July 10, 2026 Regime: Net GEX +452M (long-gamma) | Bias: RANGE-BOUND KEY LEVELS • Gamma Flip: 749.0 (+3 pts from spot) → Chop Filter active; expect hesitation if price dips near range edge to flip level. • 0DTE Magnet: 750.0 → primary intraday attractor pulling current spot levels below structural wall at 760 magnet ceiling today only before breakout potential later in session possible. • Call Wall / Full-Chain Magnet: 760 (+201M GEX) → upside limit +18pts away; near-term pull to 750 expected first. • Put Wall: 740 (-111M Net Gamma) → volatility trigger (dealers buy dips here aggressively). SCENARIO MAP • Reclaim/hold above 750 improves odds of rotation toward 760 • Rejection below 750 keeps pressure on Gamma Flip near 749 • Sustained trade below 740 favors expansion over mean reversion • Back above 749 shifts toward a more balanced/choppy tape MARKET STRUCTURE Dealers long gamma caps upside unless Call Wall at 760 breached for volatility regime change confirmation rather than trend acceleration before noon when hedge flows settle out so market stays range bound consistent with VIX moderate levels observed without catalyst support shifting net GEX into negative territory to allow free expansion beyond expected ATR derived intraday bounds suggesting tight trading conditions persist despite headlines circulating on global news feeds currently influencing only volume noise. CATALYST CONTEXT 📐 Expected Range: 743 — 759 Prior-day shift: Net GEX increased to +452M (from +317M) with Gamma Flip rising from 745 to 749, tightening range bounds near current Spot level and capping upside potential against Call Wall at 760 until flip support is tested by intraday pullbacks.

📊 SPY GEX Framework — 2026-07-09 Regime: Net GEX +317M | Bias: RANGE-BOUND KEY LEVELS • Gamma Flip: 745 (spot 748, 3.0 pts above) → Chop Filter Inactive • 0DTE Magnet: 751 → primary intraday attractor • Call Wall / Full-Chain Magnet: 750 → structural upside ceiling • Put Wall: 740 → volatility trigger below SCENARIO MAP • Reclaim/hold above 751 improves odds of rotation toward 750 • Rejection below 751 keeps pressure on Gamma Flip near 745 • Sustained trade below 740 favors expansion over mean reversion • Back above 745 shifts toward a more balanced/choppy tape MARKET STRUCTURE Dealers flipped from deep short today long (+317M). This heavy positive net GEX implies dealers sell rallies into magnets, confirming RANGE-BOUND dynamics despite headlines or earnings news. Spot sits safely above Full Gamma Flip but requires volatility expansion below Put Wall for regime break logic to trigger in negative territory next session. CATALYST CONTEXT • FOMC Member Williams speaks high impact at 09:00 ET pre-market, likely to suppress early chop before range settles Prior-Day Shift: Dealers shifted net GEX from -1B yesterday to +317M today, flipping mean-reversion logic for intraday compression now. 📐 Expected Range (data-driven): Spot expected action within +/-8pts centered on Magnet mix | Full Chain Wall acts as ceiling while short term pull targets 751 magnet.

📊 SPY GEX Framework — 2026-07-08 Regime: Net GEX -1.08B (short-gamma) | Bias: RANGE-BOUND KEY LEVELS • Gamma Flip: 751 (spot 743.8, 7.2 pts below) → Chop Filter Inactive • 0DTE Magnet: 753 → primary intraday attractor • Call Wall / Full-Chain Magnet: 760 → structural upside ceiling • Put Wall: 740 → volatility trigger below SCENARIO MAP • Reclaim/hold above 753 improves odds of rotation toward 760 • Rejection below 753 keeps pressure on Gamma Flip near 751 • Sustained trade below 740 favors expansion over mean reversion • Back above 751 shifts toward a more balanced/choppy tape MARKET STRUCTURE Spot sits -6pts from Full Gamma Flip and +8pts below Call Wall magnet. Dealers are short gamma overall, limiting explosive moves until catalyst support or Magnet breach clears consolidation bounds today. VIX Moderate regime suggests price will grind within computed range unless Put Wall at 740 is breached to trigger volatility expansion regime shift away from current chop compression logic CATALYST CONTEXT • Atlanta Fed GDPNow consensus (1.4%) midday with no surprise expected before FOMC Minutes approach EXPECTED RANGE: 735 — 752 points Prior-day shift: Net GEX flipped deep negative versus positive yesterday, confirming compression bias and mean reversion logic over breakout attempts until Magnet breach occurs or major news driver triggers volatility expansion at market open.

📊 SPY GEX Framework — 2026-07-07 Regime: Net GEX +115M (long-gamma) | Bias: RANGE-BOUND KEY LEVELS • Gamma Flip: 750 (spot 750.6, 0.6 pts above) → Chop Filter Active • 0DTE Magnet: 747 → primary intraday attractor • Call Wall / Full-Chain Magnet: 760 → structural upside ceiling • Put Wall: 740 → volatility trigger below SCENARIO MAP • Reclaim/hold above 747 improves odds of rotation toward 760 • Rejection below 747 keeps pressure on Gamma Flip near 750 • Sustained trade below 740 favors expansion over mean reversion • Back above 750 shifts toward a more balanced/choppy tape CATALYST CONTEXT

📊 SPY GEX Framework — 2026-07-06 Regime: Net GEX -431M | Bias: RANGE-BOUND KEY LEVELS • Gamma Flip: 742.5 (spot 743.6, +1.1 pts) → CHOP FILTER ACTIVE • 0DTE Magnet: 750.0 → primary intraday attractor • Call Wall / Full-Chain: 755.0 → structural upside ceiling • Put Wall: 742.0/740.0 → volatility trigger (acceptance below triggers selling) SCENARIO MAP • Reclaim above Flip improves odds of balanced chop near magnet • Rejection below 0DTE Magnet keeps pressure on Put Walls at 742 • Sustained trade below Full Chain Wall favors expansion over mean reversion MARKET STRUCTURE & CATALYSTS Spot sits +1.1 pts above Gamma Flip within ±2pts churn zone despite negative Net GEX indicating short gamma volatility potential. This proximity neutralizes range acceleration, favoring rotation until macro catalysts at 09:45 confirm directionality away from flip pressure or price breaks structural ceiling resistance significantly higher than current distance to magnet levels S&P Composite & Services PMI (09:45) forecast neutral/beat drives momentum; ISM Non-Manufacturing PMI data (10:00) impacts broader equity sentiment before lunch. Prior-day shift: Flip proximity increased churn risk today as Net GEX remained -431M indicating stable short gamma positioning near structural ceiling for range compression rather than trend breakout until catalyst confirmation forces move outside intraday ATR bounds Expected Range: 729.9 — 755.2 | Volatility Regime: Moderate

📊 SPY GEX Framework — Jul 02 | Bias: LEAN BULLISH (Macro Override) KEY LEVELS • Gamma Flip Full Chain 742, Spot on Intraday Flip 749 → Chop Filter active per logic rule one above flip strike level for mean reversion corridor structure. Call Wall/Magnet at 750 is structural ceiling with +219M GEX concentration near current price action zones trading within positive net GEX zone of long gamma positioning shown in options data analysis reports released this morning by dealers across major market makers and brokers tracking option flow metrics for institutional order books used to determine resistance levels provided above. SCENARIO MAP • Holding Magnet region favors breakout potential above Call Walls given macro dovish tilt offsets dealer hedging pressure temporarily keeping price within positive net GEX mean reversion corridor structure until structural ceiling break occurs at 750 level with strong volume participation during key catalyst windows like economic reports released this morning. Rejection below Intraday Flip maintains range bound status as dealers rebalance hedges near gamma flip strike levels defined by options dealer flow patterns observed across full chain and zero day traded markets combined to create current market bias leaning bullish despite mean-reversion signals from long gamma positioning in overall GEX distribution charts showing net positive exposure above major support zones currently established at put wall locations for downside protection strategy. MARKET STRUCTURE • Spot on Intraday Flip risks chop if reverts, but NFP miss supports upward drift against dealer sell rallies near Magnet until 750 break confirms expansion regime shift over mean reversion dynamics expected within ATR implied range boundaries computed today based on volatility index metrics provided by options data analysis firm monitoring daily flows for this specific session. CATALYST CONTEXT • Nonfarm Payrolls actual beat forecast misses implying dovish pivot in rate expectations supports long term trend against intraday chopping constraints from options positioning logic. Fed comments mixed but data dominance suggests liquidity tailwind overrides short-term dealer hedging pressure for now within current volatility regime of moderate VIX 16. Range expected: 738 — 760 based on ATR and implied volatility calculations today.

📊 SPY GEX Framework — July 1, 2026 Regime: Net GEX -125M (short-gamma) | Bias: RANGE-BOUND KEY LEVELS • Gamma Flip: 747 (spot 744.7, 2.3 pts below) → Chop Filter Inactive • 0DTE Magnet: 750 → primary intraday attractor • Call Wall / Full-Chain Magnet: 750 → structural upside ceiling • Put Wall: 735 → volatility trigger below SCENARIO MAP • Reclaim/hold above 750 improves odds of rotation toward 750 • Rejection below 750 keeps pressure on Gamma Flip near 747 • Sustained trade below 735 favors expansion over mean reversion • Back above 747 shifts toward a more balanced/choppy tape MARKET STRUCTURE Spot sits 3 pts below Full Chain Gamma Flip creating No Man's Land volatility risk. The full chain acts as structural ceiling whereas the immediate flip proximity risks sawtooth churn if price tests boundaries within VIX Moderate regime range before catalysts dictate direction later today session moves remain muted waiting for GDP data impact CATALYST CONTEXT • ADP services release early sets tone followed by Atlanta Fed GDPNow at 11:30 matching forecasts and ISM Manufacturing PMI follows shortly after to filter growth narrative alongside geopolitical headlines on Iran trade tariffs from recent comments 📐 Expected Range (data-driven): 731 - 756 🔄 Prior-day shift: Net GEX compressed from -374M yesterday, easing short gamma pressure near Flip while maintaining range-bound structural bias despite VIX moderation.

📊 SPY GEX Framework — 06/30/26 Regime: Net GEX -0.37B | Bias: RANGE-BOUND KEY LEVELS • Gamma Flip: 741 (spot 740.8, 0.2 pts below) → Chop Filter Active • 0DTE Magnet: 743 → primary intraday attractor • Call Wall / Full-Chain Magnet: 750 → structural upside ceiling • Put Wall: 740 → volatility trigger below SCENARIO MAP • Reclaim/hold above 743 improves odds of rotation toward 750 • Rejection below 743 keeps pressure on Gamma Flip near 741 • Sustained trade below 740 favors expansion over mean reversion • Back above 741 shifts toward a more balanced/choppy tape MARKET STRUCTURE Spot sits within Gamma Flip proximity zone (<2pts), locking intraday range compression between 738 and 750. Full Chain Magnet diverged from Zero-DTE target but remains far enough for vacuum logic to apply if price clears local magnet resistance during late session without VIX regime shift confirming expansion patterns yet unlikely today CATALYST CONTEXT • Chicago PMI release 9:45 ET impacts sentiment risk immediately at open bell hours before lunch break volume picks up liquidity levels remain thin until afternoon data releases conclude day action slows down significantly after close time approaches typical for low vol environment 📐 Expected Range (data-driven): 725.7 — 753.4 🔄 Prior-day shift: Full Chain Magnet adjusted to 750, Net GEX negative permits mean reversion near Flip rather than full breakdown risk as dealers rebalance hedges during chop filters active

📊 SPY GEX Framework — June 29 Regime: Net GEX -1.2B | Bias RANGE-BOUND KEY LEVELS • Gamma Flip: 741 (spot 730.7, 10.3 pts below) → Chop Filter Inactive • 0DTE Magnet: 740 → primary intraday attractor • Call Wall / Full-Chain Magnet: 755 → structural upside ceiling • Put Wall: 725 → volatility trigger below SCENARIO MAP • Reclaim/hold above 740 improves odds of rotation toward 755 • Rejection below 740 keeps pressure on Gamma Flip near 741 • Sustained trade below 725 favors expansion over mean reversion • Back above 741 shifts toward a more balanced/choppy tape MARKET STRUCTURE Spot sits safely distant from Gamma Flip limit (10 pts) which defines structural balance versus trend volatility potential in current negative GEX environment with Moderate VIX regime preventing panic sell off without decisive breach below 725 support threshold acting as final downside buffer against acceleration toward lows at expected range bottom. CATALYST CONTEXT • Hassett: Rate hike arguments weaken supporting stability over breakout narrative today • Iran headlines add noise risk; FOMC still far out (30 days) away from next rate decision cycle influencing sentiment flows directly into market positioning and dealer hedge adjustments for session close outcomes ahead of upcoming economic prints. Expected Range 716-742 Prior-day shift: Flip steady at 741 while full chain magnet remains structural ceiling holding price in mean reversion corridor between support zones above current tape levels observed during previous trading sessions ending with flat to mixed technical performance across global markets yesterday morning close times before US session opened.

📊 SPY GEX Framework — Jun 26 2026 Regime: Net GEX -179M (short-gamma) | Bias: VOLATILE KEY LEVELS • Gamma Flip: 743.0 (spot ~730, -13 pts) → Normal volatility below flip threshold • 0DTE Magnet: 740.0 → primary intraday attractor (<15pts away from spot) • Call Wall / Full-Chain Magnet: 755.0 → structural upside ceiling for trend extension • Put Wall: 730.0 (-188M net GEX) → volatility trigger (acceptance below accelerates downside selling regime) SCENARIO MAP • Reclaim/hold above 740 improves odds of rotation toward the Flip zone before mean reversion triggers • Rejection below 730 keeps pressure on short-gamma put wall support levels due to dealer hedge requirements • Sustained trade below 730 favors expansion over mean reversion given negative GEX positioning • Back above Gamma Flip shifts tape but current proximity defines volatility range behavior MARKET STRUCTURE Spot sits -13pts from Full Chain Gamma Flip and ON the Put Wall. Net GEX is heavily short (-1.8B), meaning dips get bought until flip break, then sell rallies on weakness below 740 trigger pullbacks to support. VIX Moderate regime suggests grind or breakout depends on news flow rather than pure gamma crush yet, especially with Macro prints weighing on sentiment today. CATALYST CONTEXT • US Advance Goods Trade Balance missed (-106B vs -85F forecast) adds sell pressure risk near current Put Wall levels later in session before FOMC speakers impact at 10:30 and 11:30 AM ET 📐 Expected Range (data-driven): 721 — 749 🔄 Prior-day shift: Net GEX shifted significantly negative today as dealers hedge out dips, lowering support threshold to current Put Wall levels compared to yesterday's range-bound structure where price hovered near the flip zone.

📊 SPY GEX Framework — 2026-06-25 | Net GEX -0.31B | Bias: RANGE-BOUND KEY LEVELS • Gamma Flip Full @736 / Intraday @740 → Spot +1pt below intraday triggers churn filter near No Man's Land threshold causing erratic tape unless price breaks above 744 magnet or rejects support at Put Wall (720) where dealers sell dips to stay delta neutral. SCENARIO MAP • Reclaiming 744 improves odds of rotation toward full chain ceiling but expect mean reversion from negative GEX sellers (-0.31B) suppressing rallies unless volatility expands beyond calculated range bounds or intraday flip breach triggers vacuum to Call Wall levels higher above current spot price action in this moderate VIX regime with macro noise creating chop conditions ahead of Williams speak later today which keeps focus on policy rather than trend expansion signals required for clean breakout. MARKET STRUCTURE • Dealers short gamma (-0.316B) suppress rallies while Moderate Vol suggests grinding tape unless wall breaching occurs below 20 pts support or intraday flip breach triggers vacuum toward Call Wall resistance levels sitting higher above near-term ATR range estimates derived from recent session lows and highs which define the primary expected range for this trading day between 728-750. CATALYST CONTEXT • GDP QoQ actual +2.1% beats forecast but PCE headline readout creates inflation volatility ahead of FOMC Member Williams speak later today adding noise to GEX positioning signals derived from recent session activity and market open reaction to earlier consumer spending strength headlines which helped drive volume in early trade before macro releases settled the tape for mean reversion flow patterns expected across full trading day range. 📐 Expected Range: 728—750 | VIX Moderate regime limits breakout probability unless Put Wall breach occurs below calculated support levels or intraday flip triggers vacuum to Call Wall resistance zones defined above current spot price action in this negative GEX (-0.316B) environment with macro data creating noise that sustains chop bias until key technical thresholds are breached by volume. 🔄 Prior-day shift: Gamma Flip moved down from 746 to 736, narrowing range compression zone but increasing churn risk near current spot as price sits on intraday trigger threshold while keeping structural ceiling visible above 750 points away from mean reversion flow patterns observed throughout full trading day session history.

📊 SPY GEX Framework — Jun 24 2026 Regime: Net GEX -1.01B (short-gamma) | Bias: RANGE-BOUND KEY LEVELS • Gamma Flip: 746 (spot 736, 10.0 pts below) → Chop Filter Inactive • 0DTE Magnet: 746 → primary intraday attractor • Call Wall / Full-Chain Magnet: 755 → structural upside ceiling • Put Wall: 735 → volatility trigger below SCENARIO MAP • Hold above Flip (746) improves odds of chop within defined range • Rejection below Call Wall keeps pressure on floor levels near support zone • Sustained close below Put Wall 735.0 favors accelerated selling over mean reversion • Back above Gamma Flip shifts toward balanced tape MARKET STRUCTURE Spot sits ~20pts below Full Chain Magnet, emphasizing 0DTE level as intraday target rather than structural ceiling immediately. Net GEX remains negative (-1B) creating defensive sentiment (P/C Ratio > 2). VIX at Moderate levels limits extreme expansion despite short gamma pressure near Put Wall support concentration. Range compression dominates until key trigger breach occurs or macro shock forces regime change on lower data release. CATALYST CONTEXT • US Current Account Actual -226B vs Forecast -209b released before open adds downside weight today • Geopolitical headlines limit upside momentum without CPI driver for rotation back into rallies later this week 📐 Expected Range (data-driven): 725.1 — 745.0 Prior-day shift sees Magnet divergence stabilize as 0DTE and Full Chain levels align at Gamma Flip level, consolidating magnet pull below spot while maintaining support zone integrity near the -145M GEX concentration strike which acts as primary volatility trigger for breakdowns if breached during open session or midday lull before close.

📊 SPY GEX Framework — June 23, 2026 | Regime: Net GEX -2.3B (short-gamma) | Bias: VOLATILE KEY LEVELS • Gamma Flip: 747.0 (spot +21pts below flip) → Not within ±2pt zone so chop risk low, short gamma active lower down • 0DTE Magnet: 751.0 → primary intraday attractor for rallies today before rotation to Wall • Call Wall / Full-Chain Magnet: 755.0 → structural ceiling target observed in GEX profile analysis • Put Wall: 725.0 (-391M GEX) → Volatility Trigger; acceptance below accelerates dealer selling regime immediately today SCENARIO MAP • Reclaim/hold above 751 improves odds of rotation toward 755 • Rejection below 751 keeps pressure on Gamma Flip near 747 • Sustained trade below 725 favors expansion over mean reversion • Back above 747 shifts toward a more balanced/choppy tape MARKET STRUCTURE Dealers sit deep negative gex (-391M) just below current spot level where they sell dips aggressively on breakdown. Spot is far enough from Gamma Flip to avoid No Man's Land, but short gamma forces volatility expansion rather than range compression seen in positive GEX regimes previously noted here or last session close CATALYST CONTEXT • S&P PMI Data @09:45 ET could ignite reaction given defensive P/C ratio > 2.0 structure for today’s open trading window • Geopolitics and energy headlines provide background noise but focus remains GEX heavy below Flip level or any breakdown below current support levels Expected Range: 713 — 734 (ATR + VIX-implied). Prior-day shift: Gamma flip moved lower (-8 pts) compressing downside buffer for spot while keeping Put Wall trigger tighter than last session allowed us to see earlier this week. Market remains sensitive to breakdowns below structural floor now dealers are short gamma here rather than supporting range-bound chop within tight bounds until magnet hit or stop triggered above Flip resistance which is far away currently in terms of GEX profile data