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SPY (767.29) has slipped under its 768 put wall, and everything beneath it is negative gamma. The chain total is −$135M, but the split is what matters: +$1,633M of gamma sits above spot against −$1,768M below it. Strikes 761 through 770 are negative every single one, and 768 is the heaviest at −$363M. Dealers are net short gamma on the way down, so they sell into weakness rather than cushioning it.
The line to watch is again a cliff, not a slope. On the raw ladder, 770 carries −$170M and 771 carries +$215M — the sign flips inside one dollar, putting the working zero-gamma crossing near 770.4, about three points above spot. (The feed's own flip field returned 665.09, roughly 13% below spot — a distant artifact with no bearing on today's range, so the level here is read off the strike ladder directly.) Reclaim 770.4 and SPY steps into a positive-gamma pocket that runs through 772, which is the biggest strike on the board at +$661M and the call wall. Fail to reclaim it and there is very little structural support before the lower 760s.
Net gamma by strike near spot: 765 −$237M, 766 −$245M, 767 −$98M, 768 −$363M, 769 −$217M, 770 −$170M, then 771 +$215M, 772 +$661M, 773 +$350M, 774 +$197M. Reclaim ~770.4 and the positive pocket is dense — four strikes totalling +$1.4B. Lose 767 and the next four strikes down (761–764) are each −$114M to −$139M: thinner, but all the same sign.
Flip · Call wall · flip and status pulled live per ticker, not estimated.
| Ticker | Spot | Flip | Call Wall | Status | Today's flow |
|---|---|---|---|---|---|
| SKHY | 137.58 | — | 150 | NO FLIP | $140C 1/19/2029 — $732,110, the largest print on the board by a third. A three-year call 1.8% above spot on a name that is down 6.7% today and sitting 1.9% above its own 135 put wall. No reliable flip in the raw gamma, stated as such. |
| AAPL | 345.39 | 343.91 | 345 | ABOVE FLIP | $320C 11/20 — $549,090, a deep in-the-money call (7.4% under spot) that reads as stock replacement, plus a $345P 11/6 for $121,540 sitting right at spot. AAPL is 0.43% above its flip and parked 0.11% over its own 345 call wall — flow on both sides at the pin. |
| COST | 995.00 | 995.04 | 1000 | IN ZONE | $1200C 9/17/27 — $487,015, a LEAPS call 20.6% above spot. COST is trading four cents under its own flip — the tightest structural read on today's list — with the 1000 call wall 0.5% overhead and the 960 put wall 3.5% below. |
| APLD | 19.40 | — | 21.5 | NO FLIP | $25.5C 11/27 — $254,350, a call 31% out of the money on a name down 4.3% today. APLD sits 2.1% above its 19 put wall with the 21.5 call wall well short of the strike — so this print is a bet through the structure, not off it. |
| NVDA | 217.87 | 197.97 | 230 | ABOVE FLIP | $235C 1/15/27 — $163,500 and a $230C 10/23 for $80,550, the second one landing exactly on the 230 call wall. NVDA is 10% above its flip but 0.98% under its 220 put wall — and a $220P 10/16 for $25K printed on the short end, so flow runs both ways. |
| NBIS | 178.95 | — | 200 | NO FLIP | $320C 1/15/27 — $160,425, plus a $300C 12/18 for $124,870: about $285K of calls 68–79% above spot on a name down 3.8% today. Spot is 0.6% under its 180 put wall; the 200 call wall is nowhere near either strike. |
| HOOD | 98.90 | — | 110 | NO FLIP | $100C 12/18 — $112,000, a near-the-money call 1.1% above spot that sits right on the 100 put wall. HOOD is down 2.1% and has no reliable flip today; the print is the information. |
| IREN | 29.47 | — | 33 | NO FLIP | $25P 11/13 — $61,500, a put 15% under spot on a name down 3.6% today. The 30 put wall is 1.8% above spot already, so spot has fallen through it; the $25 strike is a bet on the gap below it. |
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