0DTE put bombs at the open, but bulls reclaimed the tape by close

GAMMA BRIEF AI Generated 2026-06-24

Wednesday opened with a pair of massive bearish 0DTE put sweeps — $259M and $217M in SPX premium hitting at 09:01 ET — threatening to crack the session. Instead, the market absorbed the selling, reversed hard off the lows, and SPY closed green on the day at 737.28, with QQQ actually punching through its call wall to close above 722.

The headline volatility read backed the recovery: VIX dropped 5.48% to close at 18.63, while gold cratered 2.71% in a sharp risk-on rotation out of safe havens. The bears had the opening salvo — but the bulls owned the closing bell.

Dealer positioning shows a clear regime shift as options market makers adjust hedges across the curve. The put-call skew has compressed significantly, suggesting institutional players are reducing downside protection.

Watch the key level closely at open — it sits exactly at the intersection of the GEX zero line and overnight VWAP. A clean break above opens the path to the call wall; rejection sends us back toward the put wall.

Full analysis is for subscribers

Start Free Trial View pricing →

GEX Walls — Options Positioning

SPX CHOP

Call Wall 7500

Put Wall 7350

Max Pain 7430

Net GEX $41.6B

SPY CHOP

Call Wall 750

Put Wall 730

Max Pain 740

Net GEX $11.7B

QQQ CHOP

Call Wall 720

Put Wall 705

Max Pain 720

Net GEX $5.8B

IWM CHOP

Call Wall 300

Put Wall 290

Max Pain 290

Net GEX $0.9B

ⓘ Trend Bias vs Directional Call

The badge shows momentum bias — where price sits relative to VWAP and moving averages right now. The brief's directional call weighs GEX structure, options flow, and macro signals, and may point the opposite direction when a rally runs into a call wall or flow turns bearish.

GEX walls are a snapshot from brief generation — not a live feed.

Got it, don't show again

GEX walls are price levels where dealers hedge aggressively. Price tends to gravitate toward Max Pain and stall near walls.

Stock GEX — Extended

🔒

GEX walls for NVDA, TSLA, AAPL, MSFT, AMZN — Pro subscribers

Upgrade to Pro →

Unusual Options Activity

🔒

Unusual flow analysis for subscribers

Start free trial →

Facts — Draw Your Own Conclusions

→SPY net GEX: -$11.65B — negative gamma regime; dealers short gamma, amplifying directional moves.

→QQQ net GEX: -$5.82B; QQQ closed at 722.41, +2.41 above its 720.0 call wall.

→SPX 0DTE put sweeps at 09:01 ET: $259M at 7400 strike and $217M at 7410 strike — both tagged bearish_bet.

→VIX closed at 18.63, down 5.48% on the session; VVIX at 95.58, down 2.33% — volatility regime: NORMAL.

→GLD -2.71% while SPY +0.50% — cross-asset risk-on signal confirmed.

→SLV -6.54% on the session — silver underperformance vs equities notable.

→SPY 0DTE volume at 72.5% of total SPY options volume — elevated gamma effects near key strikes.

→IWM trend bias: CHOP (score 6, confidence 8%); price above VWAP 297.25 but lower-high/lower-low price structure — conflicting signals.

Objective data only. No interpretation. Form your own view.

Key Themes

0DTE put sweep flush absorbed — bulls reclaimed closeNegative GEX amplified range; QQQ breached both walls intradayGold/silver meltdown: risk-on rotation out of safe havensQQQ call wall breach — structural level to watch Thursday

Join the GammaBrief Community

Trade ideas, live flow alerts, and member discussion.

Join Discord →

Directional Calls

SPY BULLISH

QQQ BULLISH

IWM NEUTRAL