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MORNING LEVELS SHEET

SPX, SPY and QQQ structure for the session

SPX levels are computed each trading day at 8:15 AM ET before the US cash open. SPY and QQQ levels are fetched on demand and may use cached or last good reads. Each row shows its own as-of time.

SPX for Monday, November 9. Negative gamma. Flip Line 7589.11. Call wall 8100, put wall 7300. Levels as of Fri Nov 6, 8:15 AM ET, spot as of Fri Nov 6, 4:04 PM ET.

SPX

Negative gamma

Levels as of Fri Nov 6, 8:15 AM ET, spot as of Fri Nov 6, 4:04 PM ET.

Chart: SPX price ladder from the top, Call wall 8,100, Swing Line 7,650.1, Flip Line 7,589.11, Spot 7,376.86, Put wall 7,300, Pin Zone 7,500. Levels as of Fri Nov 6, 8:15 AM ET, spot as of Fri Nov 6, 4:04 PM ET.
Spot
7,376.86
Call wall
8,100
Swing Line
7,650.1
Flip Line
7,589.11
Put wall
7,300
Pin Zone
7,500
Top positive nodes
none within 5 percent of spot
Top negative nodes
none within 5 percent of spot

Catalysts

  • None dated today.
  • Next: CPI, 2026-11-10.

Three time boxes

Open, 9:30 to 10:30 ET

SPX is below the Flip Line at 7,589.11 in this read. Levels as of Fri Nov 6, 8:15 AM ET, spot as of Fri Nov 6, 4:04 PM ET.

Opening hedge flow depends on the sign of modeled dealer gamma at the open. Above the Flip Line, hedging tends to lean against moves; below it, hedging tends to add to them.

Midday, 10:30 ET to 2:00 PM ET

SPX is below the Swing Line at 7,650.1 in this read. Levels as of Fri Nov 6, 8:15 AM ET, spot as of Fri Nov 6, 4:04 PM ET.

Charm and vanna decay shift dealer hedge flow as the day passes, so the gamma structure drifts through the middle of the session.

Close, 2:00 to 4:00 PM ET

SPX: Pin Zone strikes and the walls are the levels with the most modeled gamma left into the close. Levels as of Fri Nov 6, 8:15 AM ET, spot as of Fri Nov 6, 4:04 PM ET.

Dealer hedge flow from charm typically grows into the afternoon, and the remaining gamma concentrates near the largest strikes.

42 of 52 graded sessions needed before the level record shows any rate. Level record

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SquawkFlow morning levels, Monday, November 9

SPX
Spot          7,376.86
Call wall     8,100
Swing Line    7,650.1
Flip Line     7,589.11
Put wall      7,300
Pin Zone      7,500
Positive      none within 5 percent of spot
Negative      none within 5 percent of spot
Regime        Negative gamma
As of         Fri Nov 6, 8:15 AM ET

Catalysts     none dated today

https://squawkflow.com/sheet?utm_source=sheet-share&utm_medium=share&utm_content=text

How to read the levels

  • Flip Line: the spot level where modeled net dealer gamma changes sign.
  • Swing Line: the lowest strike between the put wall and the call wall where modeled net dealer gamma is positive.
  • Walls and nodes: strikes with the most modeled gamma on one side. Two methods can sit at different strikes because they differ in the open interest basis, the expiry set or the sign convention.
  • Pin Zone: the strike with the most pin weight within 5 percent of spot; a range is shown only when the leading strikes sit next to each other.

Modeled option-book structure for the session, dated per row. Not a recommendation.

Information only. Not a recommendation. SquawkFlow does not trade these levels.