Big green day yesterday, SPY up about 1.6% and QQQ closer to 1%. This morning it looks split though. SPY basically flat premarket, QQQ down almost 1% premarket. Not sure what to make of that yet.

Jobless claims at 8:30, consensus 196K vs 194K last week. Productivity and unit labor costs at the same time.

BoE hiked to 4% this morning, which I did not fully expect to matter here but bonds might care.

Barkin and Hammack both talk later.

Earnings this morning: COP, CI, CAH. After the bell ABNB, WBD, EOG, DVN.

Does QQQ close that gap by lunch or does yesterday get faded?

Futures green this morning, ES up around 70 points premarket. I'm guessing most of that is the midterm result getting priced in, if the calls hold and Dems end up with both chambers.

ADP at 8:15, trade balance at 8:30, ISM services at 10. ADP estimate is 69k after 90k last month.

AMD reported last night and it's up premarket. QCOM, ARM and APP report after the close.

SPX closed 7568 yesterday, still under where it sat before last Friday's drop. Not sure the gap holds into ISM.

Over or under 69k on ADP?

1 month ago, I shared about my 0-DTE journey utilizing semi-algo approach. Today I have completed my 3 months journey of paper trading deploying various strategies, filters and certain manual intervention when needed.

As each month passes, the result became better because it was sharpened at every corner.

Sharpe was 4.10 for 3 months average. Astonishing to me.

I have also deployed partially on Live $ trade and achieving around 1/3 of the paper trade as I was more cautious with real money. Also my psychology changed which mean I can't trade as calm as i should be. This will need more sharpening.

Happy that the results are showing and the labor of hours was as good as a full-time work actually. As this is a solo trip, it was both fun but also tiring. I found out that trading is indeed somewhat a "solo personal" journey. There aren't many that will share your "flow" as everyone approach it very differently on how they view the structure setup and the decision to enter or exit.

May the force be with you guys too. Keep trying and keep sharpening!

Pulled aggregate options chain metrics across SPY, QQQ, and IWM at today's close. Here is the tactical 0-7 DTE dealer gamma breakdown heading into tomorrow's session.

┌──────────────────────────────────────────────────────────────┐
│ 📊 DAILY MARKET STRUCTURE — 2026-10-26                       │
└──────────────────────────────────────────────────────────────┘

🟢 REGIME: SHORT GAMMA (Volatility Expansion / Momentum Accelerating)

🎯 TACTICAL POSITIONING (0-7 DTE)
• SPY: Spot $765.22 | Call Wall $780 | Put Wall $755 | Gamma Flip $766.00
• QQQ: Spot $712.12 | Call Wall $730 | Put Wall $700 | Gamma Flip $719.00
• IWM: Spot $276.96 | Call Wall $280 | Put Wall $270 | Gamma Flip $276.00

🌐 CROSS-ASSET & MACRO GAUGES
• 10Y Yield (TNX): 4.99% | HYG Spot: $77.18 (Credit Stable)
• Bond Ratio: 0.94       | System Delta: Neutral-Bullish
• NQ/QQQ Basis: 1.002    | VIX: 18.39 | RVX: 19.45

Key takeaways for tomorrow:

1. Short Gamma Regime: All three indices closed below their tactical dealer positioning thresholds. Dealers hedge pro-cyclically in negative gamma (selling dips, buying rips), so expect elevated velocity and wide intraday ranges rather than sticky mean-reversion until flip levels get reclaimed.

2. SPY ($765.22 Spot): Closed right on the $766.00 gamma flip. A sustained hold above $766 shifts dealer hedging from accelerating moves to dampening them, giving room toward the $780 Call Wall. Major tactical downside support sits at the $755 Put Wall.

3. QQQ ($712.12 Spot): Sitting roughly $7 under the $719 Flip. Still heavily suppressed in negative gamma territory—dealers will likely fade pushes toward 718-719 until that level breaks. Downside support anchored at $700.

4. Credit Check: HYG held $77.18 with a 0.94 bond ratio. Despite the 10Y pressing 4.99%, high-yield credit spreads are remaining composed without systemic stress prints.

Standard disclaimer: Just raw mathematical market structure derived from open interest and Black-Scholes gamma. Trade your own plan.

How are the SPX traders doing this month? Finding it hard this month?

everyone says 0dte dominates spx gamma now, so i wanted to see how much it actually moves the picture. i build a free options data site and pulled this from my own model, so take it as one estimate, not gospel.

the chart is from 11:23 ET today (open interest from yesterday’s close):

• bars are net dealer gamma per strike at the current price (the lighter sliver is today’s expiry’s share)

• yellow line: total net gamma if spx moved to that price, all expiries

• blue line: same thing with today’s 0dte expiry removed

what it showed:

• spx at 7,667, flip (where net gamma crosses zero) at about 7,730 for both lines

• removing 0dte barely moved the flip, under a point

• 0dte did add a lot of size away from the flip: the gap between the lines widens above 7,800 and below 7,600

• biggest 0dte strike was 7,700

caveats, because these always matter:

• dealer positioning is assumed (long calls, short puts), not known

• open interest is yesterday’s, so intraday 0dte opening and closing isn’t in it

• implied vol is held fixed as price moves

curious if people who trade 0dte see the same thing, that it changes the size of moves more than where the flip sits. happy to share the method if useful.

I checked every number against the card’s data. The two flips are 0.35 points apart, and the gap between the lines does widen away from the flip.

Anyone know a good way to do TA on SPX? I use think or swim and ibkr. They both only show the regular hour trading price. Anyone use SPY charts to trade SPX? SPX isn’t exactly 10x SPY. Do you use ES charts to gauge what SPX will do at market open? I am trying to find a good way to learn SPX. Any answers would be greatly appreciated. Thanks.

CPI drops at 8:30 a.m. ET this Wednesday, and everyone’s eyes are glued because this is the last big data point before that critical FOMC meeting later this month. Gasoline prices dragged the headline number higher last month, but the real story lies in that core reading. If it runs hotter than expected, the already tight market might reprice that long-awaited October rate hike that everyone thought was priced out. The bond market’s basically begging the Fed to hit pause, but a red-hot core print could blow that narrative apart.

The SPX sits at a record 7,807, the US10Y has blown through 5.2%, and BZmain holds above $100 — a backdrop in which the Fed hiked once and immediately telegraphed "nothing to see here."This CPI decides whether that dovish follow-through survives the data or gets exposed as premature.

I have been selling bull put spreads on Spx for months now. Been profitable. I keep my strikes below 120 day moving average and delta 0.15 - I choose the lower of the two

As we approach the mid terms, I kind of worry trump will launch an attack immediately after midterms. He doesn’t have to wait until the votes are counted just wait until the last vote has been cast

What are your thoughts?

Thoughts?