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OpenGammaIntelligence · Pre-Market
Edition · Wednesday, July 8, 2026·Archived · 8d ago · historical·08 Jul 2026 11:49 UTC

ESNEGATIVE

Spot7482.00SessionREGULAR
Dealer Regime
DEEP_NEG_GAMMA_STALE_NATIVE_CHAIN
NetGEX -$5.6KRisk ELEVATED
Opening Type
OPEN DRIVE DN
Conf 55%
Share Card
Accuracy Ledger1 logged · 1 scored0% hit rateFull ledger ↓
Desk Thesis · 2026-07-08

SPX/ES is in decisive negative/accelerant gamma with an aggregate -$5.63B 0DTE book and no confirmed support between spot and ES 7417; momentum is bearish and well-evidenced but the near-total absence of nearby structure argues for reactive rather than anticipatory positioning into the FOMC-minutes PM catalyst.

Spot trades below every 0DTE/1DTE/7DTE Gamma Neutral candidate with an aggregate -$5.63B 0DTE book (decisive negative/accelerant gamma); the only confirmed support is ES 7417 (deep OI, VPOC-confluent) with nothing real in between, while the dominant resistance cluster sits at ES 7548-7554 -- react to a break of the narrow 7474/7492 pivot bracket rather than anticipating one, and respect FOMC minutes this PM as the session's real tail risk.

Level Map

Confluence-ranked · distances from spot 7482.00
ES
SPX
Level
Action · Distance
7563.00
VANNA ANTIMAGNETSPY-projected vanna antimagnet, largest magnitude in book
WATCH+1.08% · conf 2
7554.00
CALL WALLDominant resistance confluence: 6-8 member cross-rail cluster (native 0/1/7DTE + SPY 0DTE walls + agg rails)
WATCH+0.96% · conf 3
7537.68
GAMMA FLIPNative SPX 7DTE Gamma Neutral, rootStability clean
WATCH+0.74% · conf 3
7492.00
VANNA MAGNETSPY-projected vanna magnet, nearest to spot, structuralActual rail
WATCH+0.13% · conf 2
SPOT
ES7482.00
SPX7482.00
Range 7410.20–7553.80
7417.00
PUT FLOORSPY-projected 7DTE put wall, deep OI 30,884, VPOC-confluent (chart VPOC larger balance 7420.25)
WATCH-0.87% · conf 3
7383.00
STRUCTURAL FLOORStock GEX 21DTE constituent-aggregate structural floor
WATCH-1.32% · conf 1

Level Reaction

Intraday tape · ES · 2026-07-08
Loading session tape…

Greek Pressure

Dealer directional forces · next session
GAMMA
DOWN · 90

Aggregate 0DTE book -$5.63B, deeply put-dominant; spot trades below every GN candidate -- decisive negative/accelerant regime, a real flip from yesterday's positive-book read.

CHARM
UP · 75

netCharmDaily built ~10x intraday (523K to 5.06M), almost entirely in the final 40 minutes at the 11:00Z chain refresh; both fresh CEX centroids sit above spot (ES 7551-7649), reinforcing the overhead resistance read rather than pulling spot lower.

VANNA
UP · 55

netVanna built from near-zero to +25,200-27,500 at the same 11:00Z refresh, stabilizing; but the single largest vanna reading in the SPY-projected book is a -18,195.8 destabilizing antimagnet at ES 7563, right at the resistance zone.

COLOR
UP · 35

netColorDaily jumped from near-zero to +104K-110K in the same final-40-minute window as the dex/charm/vanna discontinuity.

VOMMA
UP · 40

netVomma positive, amplifying vol sensitivity around current strikes -- consistent with VIX repricing from 15.95 to 18.33 over two sessions.

ZOMMA
DOWN · 20

zommaAtGn0 negative/destabilizing at the gamma-neutral pivot.

SPEED
UP · 15

speedAtGn0 positive, a real reading unlike yesterday's flat 0 -- some convexity acceleration signal near the GN pivot.

Higher-Order

Second + third-order greeks
color
LATENT
109418.070

—

speed
LATENT
73200.090

—

vomma
LATENT
33550385.950

—

zomma
LATENT
-0.129

—

IV Intelligence

Quadrant · skew · term structure
Regime Quadrant
Not captured
ATM IVUnavailable
IV Percentile50
Skew Pctile50
Skew ShapeSMIRK
Expected Daily MoveNot captured
Term Structure
Not captured
Term structure not captured for this sessionExpected: ivRegime.termStructure as array of IV fractions per tenor (front/mid/back).

Cross-Asset Confirmation / Component Confluence

CONFIRMING · COMPLETE
2 native levels received secondary cross-asset confirmation. Strongest alignment sits around 7492.00 via component confluence zones.

Native futures levels stay primary. Use ETF conversions as corroboration and component zones as provisional structure only, especially when the overlay is partial or quality flags are present.

Secondary confirmation only. Native index and MCP levels remain primary. MCP-native individual stock Greek scans are unavailable; if component confluence is attached it was produced by the system-level Polygon overlay path and remains opt-in, secondary, and provisional rather than an executable native futures level. Component weights are static/proxy unless explicitly holdings-confirmed, beta may be defaulted to 1.0, and TOP_10 lists should not be treated as quantitatively ranked until liquidity plus holdings/beta calibration are implemented.

Native Levels Confirmed

2 matched levels
VANNA MAGNET
18 conf
7492.00
SPY-projected vanna magnet, nearest to spot, structuralActual rail

SPY-projected vanna magnet, nearest to spot, structuralActual rail is secondarily confirmed by 15-stock zone 7477.25-7491.44.

COMP 2
PUT FLOOR
3 conf
7417.00
SPY-projected 7DTE put wall, deep OI 30,884, VPOC-confluent (chart VPOC larger balance 7420.25)

SPY-projected 7DTE put wall, deep OI 30,884, VPOC-confluent (chart VPOC larger balance 7420.25) is secondarily confirmed by 1-stock zone 7413.73-7424.95.

COMP 1

ETF Confirmation Levels

SPY ratio-converted
SPY
0.85
7504.92
CALL_WALL · DTE 0

SPY ratio-converted CALL_WALL at 7504.92 (DTE 0). Secondary confirmation only.

SPY
0.85
7114.66
PUT_WALL · DTE 0

SPY ratio-converted PUT_WALL at 7114.66 (DTE 0). Secondary confirmation only.

SPY
0.85
7114.66
PUT_SUPPORT · DTE 0

SPY ratio-converted PUT_SUPPORT at 7114.66 (DTE 0). Secondary confirmation only.

SPY
0.85
7114.66
PUT_FLOOR · DTE 0

SPY ratio-converted PUT_FLOOR at 7114.66 (DTE 0). Secondary confirmation only.

Component Confluence Zones

Provisional only
CALL_WALL
0.39
7474.86 - 7490.29
center 7482.99 · 15 names · DTE 0

15-stock call-side confluence cluster centered 7482.99. Provisional component estimate, not a native executable level.

CALL_WALL
0.39
7477.25 - 7491.44
center 7484.20 · 15 names · DTE 2

15-stock call-side confluence cluster centered 7484.20. Provisional component estimate, not a native executable level.

PUT_SUPPORT
0.39
7469.48 - 7484.72
center 7478.11 · 15 names · DTE 2

15-stock put-support confluence cluster centered 7478.11. Provisional component estimate, not a native executable level.

CALL_WALL
0.39
7466.31 - 7490.01
center 7481.32 · 15 names · DTE 5

15-stock call-side confluence cluster centered 7481.32. Provisional component estimate, not a native executable level.

Cautions

Quality-aware language
  • Component zones rely on static/proxy weights rather than holdings-confirmed weights and stay secondary to native futures levels.
  • At least one component projection defaulted beta to 1.0, so component-zone placement is approximate.
  • Source coverage was degraded by quote gaps or pagination truncation, so missing confirmations are not a signal by themselves.
  • One or more component zones were built from a small contributor set and should be treated as provisional only.
  • MCP-native individual stock Greek scans are unavailable. If component zones are attached, they come from the system-level Polygon overlay path and remain secondary/provisional to native index and MCP levels.

Overlay Diagnostics

Runtime 43s
  • LIGHTER_SELECTION_PATH: using static seed order for this overlay run to avoid a duplicate liquidity pre-scan before component resolution.
  • ETF_SOURCE: contracts:PAGINATION_REQUIRED
  • ETF_SOURCE: contracts:PAGINATION_TRUNCATED
  • COMPONENT_SOURCE: Selected universe uses STATIC_SEED_FALLBACK and HOLDINGS_STALE until issuer/provider holdings adapters exist.
  • COMPONENT_SOURCE: Using static seed order for this run to avoid a duplicate liquidity pre-scan before component source resolution.

LBF Status

Look-Below-And-Fail · conditions armed
0
NOT ARMED · 0/3 conditions
0
Tension Index

Accuracy Log

Outcomes · last 1 levels scored
DateSymbolLevelPredictedOutcomeNotes
2026-04-20ESNEG GEX TRIGGER@ 7152.00SHORT_BELOWABSORBEDOpened 7148.25 below the 7152 trigger and sold to 7121.50, but downside follow-through stalled well above 7102. First 30-minute close was 7156.75 and session closed 7152.00, so bearish impulse fired but was absorbed and reclaimed by end of day.
Total Logged1
Scored1
Hit Rate0%
Best Level Type—

Archive

Recent editions
2026-07-16 · NQ
The NDXP native chain unfroze right at the cash open and immediately showed a flip to deep negative 0DTE gamma coincident with a sharp open-drive selloff (29645.25 to 29264.25); price is now testing the qqqProjected 0DTE call wall / STRONG cluster confluence (29376-29415) from below after a fresh, unconfirmed bounce off the session low. Negative gamma amplifies the next move rather than dampening it - the real downside magnet if the bounce fails is the 1DTE put-wall/cluster confluence at 28965-28971.
OPEN DRIVE DN
NEUTRALNEGATIVE—
2026-07-16 · ES
SPX flipped from thin-balanced to deeply negative 0DTE gamma at the open, driving a sharp selloff (7615.5 to 7575.5); price is now sitting almost exactly on the day's largest OI concentration (0DTE put wall 7582.30, call wall 7587.30 just above), with a fresh but unconfirmed 2-minute bounce off the session low. Negative gamma amplifies rather than dampens the next move - a reversion case exists but requires genuine acceptance above the wall pair, not just a touch.
OPEN DRIVE DN
NEUTRALNEGATIVE—
2026-07-16 · RTY
RUT native and IWM 0DTE Gamma Neutral converge on the same level (two-rail agreement) sitting ~11-12pts above spot on a thin put-skewed gross book, immediately after yesterday's swept-Friday's-high excess and today's continuation into a lower balance with VPOC shifted down; today's session high already capped almost exactly at a real Greek-derived level (IWM antimagnet), so this reads as balance-building/rotation risk rather than a confirmed breakdown unless 2968.50 fails with genuine acceptance.
OPEN TEST DRIVE
NEUTRALNEGATIVE—
2026-07-16 · NQ
The NDXP native chain is frozen since 10:31 UTC, so today's native NQ Greek map is background structure, not a live trigger; live order flow shows genuine two-sided chop with a session low (29361) that corroborates the recomputed native 0DTE put wall (29356) within 5pts, and a deeper operator-flagged swing-low/VPOC confluence (29304/29290) is the session's highest-quality setup if swept and reclaimed with acceptance rather than a mere touch - consistent with a range-bound day-before-OPEX read led by the live SPX chain.
OPEN TEST DRIVE
NEUTRALPOSITIVE—
2026-07-16 · ES
SPX 0DTE gamma is thin-negative on a huge balanced gross book (fragile pin, not thick pin), with the STRONG 4-rail cluster (7603.77) having already capped this morning's rally almost exactly at the session high (7615.5); day-before-monthly-OPEX dynamics plus a negative-gamma VIX front monthly favor continued two-sided chop inside the 7563-7604 bracket over a clean trend, with acceptance (not a touch) required at either boundary before trusting continuation.
OPEN TEST DRIVE
NEUTRALNEGATIVE—
2026-07-15 · RTY
RTY's PPI reaction was the weakest of the three families (+0.15% vs ES/NQ's +0.2-0.3%), and session-long DEX/vanna have stayed negative the entire morning without crossing positive - a persistent bearish-leaning Greek signature distinct from SPX/NQ's more constructive builds, reinforcing the user's own excess-high/breakdown read while respecting genuine two-sided rotation risk within the newly-formed lower balance.
OPEN TEST DRIVE
BEARISHNEGATIVE—
2026-07-15 · NQ
PPI printed a market-friendly reaction that pushed NQ ~70-90pts through the dominant confluence pin (29929) before the open; today resolves on whether that breakout holds through the first 30 minutes of cash trading or gets reclaimed and rejected back into the pin/HG zone, with NDX-side data quality thinner than SPX's this session.
OPEN TEST DRIVE
BULLISHNEGATIVE—
2026-07-15 · ES
PPI printed a market-friendly reaction that pushed ES 15-19pts through the dominant 0DTE pin (7589) before the open; today resolves on whether that breakout holds through the first 30 minutes of cash trading or gets reclaimed and rejected back into the pin/charm-centroid zone.
OPEN TEST DRIVE
BULLISHNEGATIVE—
2026-07-14 · RTY
RTY flipped back to positive/dampening 0DTE gamma today (+$32.29M), the only positive-gamma instrument of the three families, with spot pinned essentially on top of the native 0DTE GN (RTY 2965.59) and the day's strongest confluence (RTY 2964.35); expect chop inside the pin through CPI, with RTY likely dampening rather than amplifying a directional CPI move relative to ES/NQ's negative-gamma books today.
OPEN AUCTION
NEUTRALPOSITIVE—
OpenGamma Intelligence · Schema v1.1.0This brief is not investment advice.