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SPY (775.88) is in a negative-gamma regime, and this time the headline and the local read agree. Yesterday the chain total was net positive while spot sat under the flip — a contradiction. Today the chain total is −$1,149M, gamma above spot is only +$871M, and gamma below spot is −$2,020M. Dealers are net short gamma on the way down, which means they sell into weakness rather than cushioning it.
The line to watch is a cliff, not a slope. On the raw ladder, 777 carries −$671M and 778 carries +$267M — the sign flips inside a single dollar, putting the zero-gamma crossing near 777.7. (The feed's own flip field returned null this morning; the level here is read off the strike ladder directly.) The put wall at 776 sits twelve cents from spot and max pain is 777, so 776–777 is the pin zone — but with a −$797M put-wall strike directly underneath and nothing but negative gamma beneath it, a break below 776 has far less to absorb it than it did yesterday.
Net gamma by strike near spot: 775 −$379M, 776 −$797M, 777 −$671M, then 778 +$267M, 779 +$423M, 780 +$448M. Reclaim ~777.7 and SPY steps into a pocket of positive gamma that runs straight to the 780 call wall; fail there and the 776 put wall is the last real level before a long, thin, negative-gamma stretch down through the 770s.
Flip · Call wall · flip and status pulled live per ticker, not estimated.
| Ticker | Spot | Flip | Call Wall | Status | Today's flow |
|---|---|---|---|---|---|
| CRWV | 72.19 | — | 80 | NO FLIP | $65P 12/18 — $942,857, the largest print on the board by nearly 3x. Bearish, ten percent under spot, on a name already down 7.2% today and sitting 3.1% above its own 70 put wall. No reliable flip in the raw gamma, stated as such. |
| MU | 936.00 | 795.62 | 1000 | ABOVE FLIP | $955C 0DTE — $320,081, plus a $1000C 10/16 for $302,108. Two bullish prints from the same name, one expiring today and one aimed at the call wall 6.8% overhead. MU is 17.6% above its flip but 0.43% below its own 940 put wall. |
| AMZN | 258.40 | 259.46 | 265 | IN ZONE | $220P 4/16/27 — $108,600, a LEAPS put 14.9% under spot. AMZN is 0.41% below its own flip — the one razor-thin structural read on today's list — so this is a long-dated hedge placed right at the line. |
| NVDA | 226.21 | 232.58 | 235 | BELOW FLIP | $227.5C 10/16 — $79,161, bullish. NVDA is 2.74% under its own flip and 0.54% above its 225 put wall — and the same session also printed two $74,700 $190 puts for April 2027, so flow is on both sides here. |
| FLNC | 6.71 | — | 6 | NO FLIP | $7C 11/20 — $65,000, bullish, 4.3% out of the money. The gamma ladder near spot is empty today — no flip, and the call wall (6) actually sits below spot — so there is no structure to lean on; the print is the only information. |
| JD | 26.92 | 27.43 | 27.5 | BELOW FLIP | $35C 1/21/28 — $63,294, a LEAPS call 30% above spot, bullish. JD is 1.86% under its flip with the call wall right on top of it at 27.5 — a long-dated bet from a name with very little gamma around spot. |
| META | 756.50 | 704.69 | 765 | ABOVE FLIP | $765C 0DTE — $60,096 and $58,000, plus a $770C 0DTE for $42,223: about $160K stacked on the call wall and one strike past it, all expiring today. META is 7.35% above its flip and 0.46% under its 760 put wall. |
| GME | 27.43 | 24.55 | 30 | ABOVE FLIP | $25C 10/30 — $57,000, an in-the-money call (8.9% under spot) — more stock-replacement than a lottery ticket. GME is 11.7% above its flip with the 30 call wall 9.4% overhead. |
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