Daily Brief — Fri Nov 6, 2026

SPY opens at 734.66 with the chain at −$1,586M, no flip, the −$251M put wall at 725 below and the +$54M call wall at 755 far above — 719 through 735 nets −$1,674M, 751 through 760 is +$221M, and implied vol is 40, up from 16 on Thursday. Plus 8 names with real options flow, led by $793K of VLO calls and $428K of AVGO.

1 · The one thing that matters today

SPY map 8:35a ET · sweeps 8:35a ET · pre-market

SPY (734.66) opens surrounded by negative gamma, with almost nothing positive overhead. The strikes on either side of price are the heavy ones: 730 holds −$218M, 4.66 under spot, and 735 holds −$190M, 0.34 above it, with 725 (−$251M) the largest on the board and 740 (−$125M) the next one up. Across the whole chain only +$11M sits above spot, against −$1,597M below it, so the net is −$1,586M.

Thursday's map is gone. Thursday's open showed a +$256M chain with a 774.72 flip, a 770 call wall and a 764 put wall, with SPY at 767.40. Today the chain is −$1,586M, the feed returns no flip, the call wall is 755 and the put wall is 725, and spot is 32.74 lower. Implied vol (ATM) is 40, up from 16, and the expected move is ±1.5% (±$10.90, or 723.76–745.56), against ±0.6% on Thursday.

The positive strikes are out of reach. 51 of the chain's 137 strikes are negative, summing to −$2,065M, and the 77 positive ones add up to +$479M: 751 through 760 nets +$221M, with the 755 call wall (+$54M) 20.34 over spot and outside the top of the expected move (745.56). Max pain is 745, 10.34 above. The feed carries only the 0DTE chain (one expiry, 250 contracts), so open interest further out is not in these numbers.

2 · SPY GEX levels

live · algoxflow.com/gex?ticker=SPY

Spot

734.66

pre-market · +0.27%

Zero-gamma flip

None

no flip in the feed

Call wall

755

20.34 above spot · +$54M

Put wall

725

9.66 (1.3%) below spot · −$251M

Max pain

745

10.34 above spot

Expected move

±1.5%

($10.90 · 723.76–745.56)

Net gamma by strike near spot: 719 −$122M, 720 −$160M, 721 −$47M, 722 −$43M, 723 −$50M, 724 −$47M, 725 −$251M, 726 −$43M, 727 −$59M, 728 −$77M, 729 −$59M, 730 −$218M, 731 −$75M, 732 −$61M, 733 −$51M, 734 −$35M, 735 −$190M, 736 +$31M, 737 +$19M, 738 −$43M, 739 +$3M, 740 −$125M, 741 −$39M, 742 −$11M, 743 +$1M, 744 −$12M, 745 +$23M, 746 +$2M, 747 +$10M, 748 +$11M, 749 −$17M, 750 −$27M, 751 −$4M, 752 +$19M, 753 +$25M, 754 +$30M, 755 +$54M, 756 +$18M, 757 +$16M, 758 +$9M, 759 +$12M, 760 +$43M. The chain has 51 negative strikes in all, summing to −$2,065M, against a −$1,586M total.

3 · The watchlist — 8 names with real flow behind them today

sourced from the sweeps feed, checked against each name's own gamma structure

Flip · Call wall · flip and status pulled live per ticker, not estimated. Five of the eight return a flip — GEO is 17.6% over its flip and LITE 0.4% over; VLO is 6.8% under, CRDO 0.7% under and LQDA 10.1% under; AVGO, INTC and TSLA have none. The feed holds 24 live prints totalling $2.56M, and the largest is a $482K VLO call. These eight names account for 10 of them and $2.21M, $1.35M of it calls and $860K puts.

Ticker	Spot	Flip	Call Wall	Status	Today's flow
VLO	353	378.92	380	BELOW FLIP	Two call prints for $793,032, both $380C 11/13 and both flagged as floor prints in the feed: $482,266 and $310,766 (7.6% out of the money). VLO is 6.8% under its 378.92 flip at 353 (+0.5%), with the 380 call wall 7.6% overhead, right on the strike of both calls, and the 370 put wall 4.8% above spot. Chain gamma is +$2M (nearest expiry 11/6).
AVGO	306.2	—	335	NO FLIP	A put and a call for $427,923: a $240P 12/18 for $321,733 (21.6% out of the money) and a $315C 11/13 for $106,190 (2.9% out). AVGO is at 306.2, quoted up 5.0%, with no reliable flip; the 335 call wall is 9.4% overhead and the 300 put wall is 2.0% below. Chain gamma is −$23M.
CRDO	123.87	124.76	125	BELOW FLIP	One put print: a $110P 11/20 for $373,898, 11.2% out of the money. CRDO is 0.7% under its 124.76 flip at 123.87, quoted up 10.3%, with the 125 call wall 0.9% overhead and the 115 put wall 7.2% below. Chain gamma is +$1M.
LQDA	44.8	49.84	50	BELOW FLIP	One call print: a $70C 3/19/2027 for $189,999, 56.3% out of the money. LQDA is 10.1% under its 49.84 flip at 44.8 (+0.7%), with the 50 call wall 11.6% overhead and the 40 put wall 10.7% below. Chain gamma is $0M.
INTC	55.09	—	61	NO FLIP	One put print: a $50P 11/6 for $164,069, 9.2% out of the money and struck on INTC's own 50 put wall. INTC is at 55.09, quoted up 5.5%, with no reliable flip; the 61 call wall is 10.7% overhead. Chain gamma is −$8M.
GEO	24.9	21.17	22	ABOVE FLIP	One call print: a $25C 1/15/2027 for $125,000, at the money (0.4% out). GEO is 17.6% over its 21.17 flip at 24.9 (−1.1%), with the 22 call wall 11.6% below spot and the 24 put wall 3.6% below. Chain gamma is +$2M (nearest expiry 11/20).
TSLA	348.82	—	370	NO FLIP	One 0DTE call print: a $345C 11/6 for $83,435, 1.1% in the money. TSLA is at 348.82 (+1.4%) with no reliable flip; the 370 call wall is 6.1% overhead and the 345 put wall is 1.1% below, right on the strike. Chain gamma is −$50M (data 8:21a ET).
LITE	561.2	558.97	560	ABOVE FLIP	One 0DTE call print: a $550C 11/6 for $54,000, 2.0% in the money. LITE is 0.4% over its 558.97 flip at 561.2, quoted up 10.1%, with the 560 call wall 0.2% below spot and the 500 put wall 10.9% below. Chain gamma is +$13M.

4 · How to trade today

the plan

1725 is the line below. It carries −$251M and sits 9.66 under spot, the largest negative strike on the board, and 719 through 725 nets −$721M, with 720 at −$160M and 719 at −$122M. The expected-move floor (723.76) lands inside that band.
2The strikes at price are the weak ones. 730 (−$218M) is 4.66 under spot and 735 (−$190M) is 0.34 over it, and 726 through 735 nets −$869M. The only positive strikes in the first five points above spot are 736 (+$31M), 737 (+$19M) and 739 (+$3M).
3Overhead is thin until 751. 736 through 750 nets −$177M, with 740 (−$125M) the biggest, and only 736 (+$31M) and 745 (max pain, +$23M) top +$20M in that stretch. The positives start at 752: 751 through 760 sum +$221M, and the 755 call wall (+$54M) is 20.34 above spot, outside the expected move.
4Don't carry Thursday's numbers. Thursday's open showed +$256M with a 774.72 flip, a 770 call wall and vol 16; today the chain is −$1,586M with no flip, a 755 call wall and vol 40. It is a new expiry and a new structure.
5The board leans call. Across the eight names it is $1.35M of calls against $860K of puts (61% calls): VLO, LQDA, GEO, TSLA, LITE and AVGO's smaller print are calls; AVGO's larger print, CRDO and INTC are puts. The feed doesn't say who is buying or selling, so these are positions, not confirmed direction.
6Read the board honestly. VLO's two floor-flagged prints are $380 calls for next Friday, on the strike of its call wall with spot 6.8% under the flip. AVGO's $322K put is a December contract 21.6% out of the money on a name quoted up 5.0%, and CRDO's $374K put is 11.2% out on a name quoted up 10.3%. LQDA's call is March 2027 and 56.3% out of the money, and INTC's put sits on its own put wall.

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Educational content, not investment advice. Pre-market figures and gamma levels are indicative and move fast — re-check into the cash open. Options carry a substantial risk of loss. Trade your own plan.
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