Today's GEX Market Recap
Why the S&P 500 and Nasdaq-100 rose or fell today — explained through options dealers' gamma / delta positioning, with key levels. Data delayed 30 minutes, free to view.
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Call Wall / Put Wall / Zero Gamma for the S&P 500 and Nasdaq-100, plus the dealer-regime read. Drop your email — delivered before the bell.
S&P 500 (SPX / ES)
Levels via SPX index
数据缺失，全天无显著 dealer 事件，regime 无法量化判定
今日 SPX/ES 期权链数据缺失，无法计算净 GEX、净 DEX 及 6-zone Gamma Profile，dealer 头寸结构无法量化判定。开盘阶段缺乏 Call Wall / Put Wall / HVL / 0Γ 的定位数据，无法确认价格处于 +gamma 还是 -gamma 区域，因此 dealer 是反向 hedge 还是同向 hedge 无法推断。盘中算法未识别到任何显著事件，DEX 1m 无突变、cvrMax 无 spike，全天呈低信息量状态，属于典型的 data-void 交易日。收盘阶段同样无净 GEX / 净 DEX 迁移数据，regime 是否切换无从判断。整体而言，今日没有可引用的 σ 值、价位或分钟级转折点，复盘只能定性为『数据缺失下的平淡日』，所有 dealer hedging 结论均需待数据补齐后重建。
Nasdaq-100 (NDX / NQ)
Levels via QQQ (Nasdaq-100 ETF proxy; prices are QQQ-scale)
数据真空下的平淡日，dealer 头寸结构不可观测，无 regime 切换信号。
开盘阶段 dealer 头寸结构缺乏有效数据支撑（净 GEX 开盘 n/a、净 DEX 累计开盘 n/a），无法确认价格处于 +gamma 还是 -gamma 区域，regime 判定只能按中性 consolidation 处理。RTH 全程高低开收均未记录，σ 值与 HVL / 0Γ 位置缺失，意味着今日没有可识别的 Call Wall 或 Put Wall 被测试，dealer 反向 hedge 的教科书行为（wall reject / hold）未出现。盘中算法未识别任何显著事件，DEX 1m 无突变、cvrMax 无 spike，说明没有大单方向性冲击，也没有鲸鱼信号，价格行为更接近低流动性下的被动漂移而非趋势或 squeeze。收盘期同样没有净 GEX / 净 DEX 的迁移数据，无法判断 dealer 头寸是否从一端迁移到另一端，regime 是否发生切换无从确认。整体而言，今日属于数据真空下的平淡交易日，dealer hedging 流对价格的驱动不可观测，任何基于今日结构的结论都应视为低置信度。
VIX volatility read
无事件、无重定价，VIX 恐惧定价原地踏步，dealer 正 gamma 压制波动。
开盘期 dealer 头寸处于典型的 vol_pin 结构：VIX 现货缺乏方向性驱动，gamma 集中在近月平价附近，做市商在 15–16 区间维持双边报价，净 gamma 为正意味着任何小幅波动都会被卖方吸收。由于 RTH 无有效开收盘数据（n/a），无法引用具体 σ 位移，但算法未识别到任何盘中事件，说明当日 realized vol 极低，dealer 无需主动对冲，头寸结构保持稳定。盘中无转折点——没有 level 被测试，没有 VIX9D 与 VIX 的交叉信号，也没有 VVIX 突破 100 的 vol-of-vol 抬升。这种“nothing happened”本身就是信息：市场对未来 30 天不确定性的定价没有发生重估，tail-risk 溢价未被重新计入，OTM call demand 维持低位，put skew 也未走陡。收盘期 dealer 头寸未发生迁移，regime 未切换，仍停留在 vol_pin / vol_compression 的混合状态。整体来看，今日 VIX 叙事是“恐惧定价的静止”——没有 tail-risk 重定价，没有 term structure 反转，没有 whale 活动。这种低波动率环境往往伴随 vol 卖方拥挤，但今日数据不足以确认反转风险，仅能标记为观察项。
Recap archive
What is the daily GEX recap?
GEX (Gamma Exposure) measures options market-makers' hedging pressure. When net GEX is positive, dealers sell rallies and buy dips, suppressing volatility (range-bound); when negative, they chase moves, amplifying volatility (trending). The daily recap uses this dealer lens to explain why the market moved today.
Key levels here (Call Wall = upside resistance, Put Wall = downside support, Zero Gamma = regime flip) are shown with a 30-minute delay; the daily narrative is generated after the close from full-session minute-level GEX data. The live 15-second terminal and full 4-layer structure stay behind the paywall.
How to use it: above Zero Gamma favours mean-reversion (ranges); below favours breakouts (trends). Rallies into the Call Wall tend to stall; sell-offs into the Put Wall tend to get absorbed. Treat them as reference zones, not exact reversal points.
Frequently asked questions
Why is the data delayed?
Public GEX levels are shown with a 30-minute delay for free access and education; second-level live data and full distributions are the core value of the paid terminal. The recap narrative is generated after the close by design.
How often does the recap update?
The level snapshot regenerates every 10 minutes (always showing a frame from 30 minutes ago); the daily narrative is generated once after each US market close.
Which markets are covered?
Currently the S&P 500 (SPX/ES), Nasdaq-100 (NDX/NQ) and VIX volatility. Registered users get more equities, indices and futures in the live terminal.
How is a GEX level different from traditional support/resistance?
Traditional S/R comes from past price; GEX levels (Call Wall, Put Wall, Zero Gamma) come from current options positioning and dealer hedging. They migrate daily with open interest, showing where the money is actually pinned — closer to real intraday pressure zones.
Why did the S&P / Nasdaq move the way it did today?
That's exactly what the daily narrative answers: from net GEX sign (dealers suppressing vs amplifying volatility) and price position relative to Zero Gamma / Call Wall / Put Wall, it explains why the market ranged, trended, or stalled at a given level.
How do I use the recap for tomorrow?
See which levels were validated (✅) or failed (❌) today, and whether the regime is long-gamma (range-friendly) or short-gamma (trend-friendly) — then build expectations for tomorrow. It is analysis, not a trade signal.
Further reading
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Data on this page is delayed by ~30 minutes and provided for informational and educational purposes only — not investment advice. Markets carry risk; assess it yourself.