Wild intraday reversal recovers to flat close as late 0DTE call flow surges

Tuesday delivered a session that looked nothing like its close. SPY opened above 743, plunged as low as 722.59 — slicing through the 735 put wall by a wide margin — then reversed violently to close at 736.77, essentially flat on the day. The range spanned more than 24 points while the closing print changed less than 0.04%.

The close masks the real story: over $1 billion in 0DTE SPX call sweeps flooded in across the 7300-7360 strike range in the final hours, with one QQQ call sweep at the 700 strike carrying a jaw-dropping 2,862x vol/OI ratio. That late aggressive buying in deeply in-the-money strikes likely contributed to the afternoon recovery — but with price sitting between the 735 put wall and 740 call wall at the bell, the structure for Wednesday is anything but settled.