Latest public premarket read.

Gamma flip

766.96

Call wall

770

Put wall

750

SPY 767.21 — dealer hedging at a pivot. Gamma flip at 766.96 means dealer behavior flips between amplifying and damping moves; you're in the transition zone. 750 holds → base case, chop likely. Breaks 750 → rotation lower begins. 770 holds → drift higher play. Breaks 770 → confirmation needed before structure. Debit spreads fit; avoid iron condors and credit spreads until a level confirms. Dealer flow is unstable here. Wait for acceptance through 750 or 770 before sizing in. Range-bound tape until proven otherwise.

Gamma flip

7,691.03

Call wall

8,000

Put wall

7,000

SPX 7659 in negative gamma regime. Dealer hedging amplifies moves — down swings can run, up swings can skip. 7691 (gamma flip) holds → choppy, dealer-pinned flow. Breaks down → acceleration lower likely. 7000 (put wall) holds → base case; support. Breaks → rotation to next pocket. 8000 (call wall) holds → resistance. Breaks → overhead drift. Debit spreads (call or put) and futures scalps fit. Iron condors and credit spreads have tail risk here — avoid. Respect the gamma flip and walls as hard levels. Let confirmation build before sizing in.