SPY today: Wild

Positioning is consistent with larger swings, roughly between 761 and 770. A sustained move back above 767.62 lowers the odds of larger swings.

Possible resistance / hedging response area: 770
Possible support / hedging response area: 761
Flips calm to wild: 767.62

Wild day, and no breadth reading to check it against — treat any single move as weaker evidence until a level holds.

Did yesterday’s read hold up?

SPY Today

Where dealers are exposed on any optionable ticker, and the levels where dealer hedging may influence price.

Data as of

Sep 25, 2026, 02:48 ET

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Breadth

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No reading yet today. It is taken every minute while the market is open. These numbers start moving again when it opens today at 09:30 ET.

Market

SPY: 767.18; -0.08%
QQQ: 741.10; -0.01%
IWM: 281.66; -0.09%
VIX: 15.67; +3.23%

as of the Thu 24 Sept close

VIX is rising, but there is no breadth reading yet — so how much of the market is taking part is unknown, not average.

No scheduled economic events today or tomorrow.

What to watch

Moves can keep going instead of fading, so be careful and give price room. Watch 767.62. A sustained move above it may reduce the chance of larger swings.

This describes what kind of day it is, not what to do. It is never a reason to buy or sell on its own.

Simple view — the numbers and tables are one tap away.

SPY dealer gamma, strike by strike

One row per strike, highest at the top, centred on the current price.

Strikes each side

Point at a row — or tap one — for that strike’s call and put gamma, open interest, and distance from the current price. Tapping the same row again unpins it.

How to read this

Amber, to the right: positive gamma. Dealers hedging it sell as price rises and buy as it falls, which tends to slow moves around that strike.
Blue, to the left: negative gamma. Hedging runs the other way — buying as price rises, selling as it falls — which tends to speed moves up.
The violet dashed line is the gamma flip: the price where the whole book crosses from one state to the other. The solid line is where price is now.
The magnets are the nearest strikes heavy enough that hedging around them may influence price. Bigger is not better or worse — it is just more hedging.
Running total adds the strikes up from the bottom of the window. Where that line crosses the centre is where the strikes on screen cancel out — computed differently from the flip level, so the two need not land on the same price.

Expirations included: 5 — SEP 25 (1d), SEP 28 (4d), SEP 29 (5d), SEP 30 (6d), OCT 01 (7d)
Contracts used: 541 across 60 strikes
Snapshot timestamp: Sep 25, 2026, 02:48 ET
Open interest as of: The prior session’s settlement — it does not move intraday

Dealer positioning is assumed, not observed: the model takes the customer to be a buyer of puts and a seller of calls, which puts the dealer long calls and short puts. Nothing in an option chain records who was on which side of a trade.

Every calculation on the site, in one place

How this is calculatedinputs, timestamps, and the assumption underneath

Underlying price used: SPY 767.59; Taken from the same chain snapshot as the levels, so price and levels always describe one moment.
Snapshot timestamp: Sep 25, 2026, 02:48 ET; The feed's own stamp, not the time this page rendered (Sep 25, 2026, 02:49 ET). Quotes are delayed.
Expirations included: 5 — 2026-09-25 (1d), 2026-09-28 (4d), 2026-09-29 (5d), 2026-09-30 (6d), 2026-10-01 (7d)
Calls and puts: Both, at every strike in the window; Strikes are limited to the nearest bands either side of spot; 541 contracts went into this view.
Open interest as of: The prior session’s settlement; Open interest is published after the close and does not move intraday. Today’s trading is not in it yet, so a level built from open interest describes positions held into today, not positions opened during it.
Implied volatility source: 541 quoted, 0 solved from price, 0 modelled; Resolution order per strike: quoted out-of-the-money volatility, then quoted in-the-money, then solved from the mid price, then a modelled surface.
This level is derived from: Gamma exposure — open interest weighted by each contract’s gamma, not the raw contract count.
Data source: Polygon.io; Rate r 4.3%, dividend yield q 1.2%, used for the greeks.

The assumption underneath

Dealer positioning is assumed, not observed. The model takes the customer to be a buyer of puts and a seller of calls, which puts the dealer long calls and short puts. Nothing in an option chain records who was on which side of a trade, so this is a convention that fits index and large-cap books and can be exactly backwards on a heavily retail-traded single name.