SPY GEX Morning Brief

Updated Friday Sep 25, 2026 — 11:07 PM · spot 772.30 (delayed) · expiries Sep 25, Sep 28, Sep 29, Sep 30

Gamma regime

POSITIVE
Dealers dampen moves — balance / fade conditions

Levels — type into TradingView

Zero-gamma flip771
Call wall (resistance)772
Put wall (support)770
Net GEX$9.53B / 1% move

Simple playbook

BUY CALLS — bounce off 770 (put wall support)

BUY PUTS — rejection at 772 (call wall resistance)

Range day: fade the edges, target the middle (771)

Confirm with value-area bias + aggressive candle at the level. Levels are forces, not certainties.

Paste into TradingView

F771,C772,P770,761:P,770:C,771:C,772:C,773:C,775:C,780:C,785:C

One paste sets everything: F=flip, C=call wall, P=put wall, then top strikes (C=call-heavy, P=put-heavy).

Gamma heatmap — strike × expiry

Strike09/2509/2809/2909/3010/01Net
7846M5M3M46M17M
78310M19M22M21M7M
78210M10M20M38M6M
7818M33M13M41M12M
78079M162M29M300M25M
77910M23M36M71M11M
77831M45M26M43M8M
77743M100M24M80M15M
77692M47M26M2M13M
775265M149M26M349M18M
774399M83M18M28M-4M
773540M155M27M36M-3M
772 CW3.57B27M33M32M15M
771 FLIP1.86B31M27M69M-4M
770 PW1.04B116M34M22M-32M
769191M60M-21M33M4M
768-129M68M-8M15M0M
767-125M-6M-21M-38M-6M
766-59M-28M-34M-22M-7M
765-62M-54M-20M-141M-10M
764-61M-32M-26M-19M-5M
763-25M-70M-62M-27M-12M
762-28M-22M-4M9M-0M
761-14M-6M-4M-691M-8M
760-66M-49M-19M-116M-20M

Magenta = call gamma (resistance / pinning). Cyan = put gamma (support). Brightness = size. Cyan outline marks spot; CW/PW/FLIP tag the key levels.

Top gamma strikes

StrikeNet GEXSide
772$3.93BCALL-heavy
771$2.01BCALL-heavy
770$1.22BCALL-heavy
775$947MCALL-heavy
773$788MCALL-heavy
785$776MCALL-heavy
780$751MCALL-heavy
761$-730MPUT-heavy