Tech surge carries QQQ +1.17% as call walls cap SPY, IWM fades into close

GAMMA BRIEF AI Generated 2026-08-13

Thursday delivered a broad rally led by technology, with QQQ gaining +1.17% and TSLA surging +3.69% on the session. A cluster of aggressive 0DTE SPX call sweeps — totaling over $270M in premium at 7780-7790 — fired at 09:02 ET, and price followed, with SPY tagging 779.37 before stalling just shy of the 780 call wall.

But breadth told a more cautious story: IWM managed only +0.21% and finished below its own 304 call wall, closing the session with a bearish trend bias score of -51. Gold sold off -1.43% as equities advanced, a clean risk-on signal, but VIX edged up +0.55% to 14.63 even as stocks rallied — a mild divergence worth watching heading into Friday.

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.

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GEX Walls — Options Positioning

SPX CHOP

Call Wall 7800

Put Wall 7750

Max Pain 7560

Net GEX +$104.8B

SPY CHOP

Call Wall 780

Put Wall 770

Max Pain 758

Net GEX +$23.5B

QQQ BEARISH

Call Wall 735

Put Wall 700

Max Pain 703

Net GEX +$9.4B

IWM BEARISH

Call Wall 304

Put Wall 295

Max Pain 295

Net GEX +$1.4B

ⓘ 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.

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

Stock GEX — Extended

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Unusual Options Activity

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Facts — Draw Your Own Conclusions

→SPY net GEX: +$23.52B — strong positive gamma regime; call wall 780, put wall 770, max pain 758.

→QQQ net GEX: +$9.39B — call wall 735, put wall 700, max pain 703; closed at 732.16, -1.04 below call wall.

→IWM trend bias score: -51, confidence 72% — drivers: below VWAP (303.46), bearish EMA alignment (5m+15m), lower-high/lower-low price structure.

→SPX 0DTE call sweeps at 7780/7785/7790 strikes at 09:02 ET — combined ~$271M premium, vol/OI ranging 17.6x–54.3x, all classified bullish_bet.

→TSLA closed +3.69% (last 339.61, high 341.61); session high of 341.61 is the strongest single-name performer in the data set.

→GLD -1.43% (open 402.15, close 398.54 intraday low) while SPY +0.66% — clean risk-on cross-asset signal.

→VIX closed +0.55% at 14.63 on a broad equity rally day — mild divergence from typical vol compression on up-tape.

→SPY 0DTE volume at 69.7% of total — elevated intraday gamma sensitivity near the 780 call wall.

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

Key Themes

Call wall compression: SPY and QQQ both tagged within ~1-3 points of their call walls and faded0DTE sweep-led open: $271M in SPX 0DTE call premium at 09:02 ET preceded the day's rallyIWM call wall rejection: session high pierced 304 but close surrendered it — small cap divergenceRisk-on/VIX divergence: GLD -1.43% confirms risk appetite, but VIX +0.55% on an up-day is a mild caution flag

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Directional Calls

SPY RANGE-BOUND

QQQ BEARISH

IWM BEARISH