# Morning Levels Sheet

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.

Sheet, as of Fri Nov 6, 8:15 AM ET.

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.

Picture: https://squawkflow.com/sheet/card.png
Page: https://squawkflow.com/sheet

## SPX

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

| Level | Value |
| --- | --- |
| 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 |
| Regime | Negative gamma |

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.

## 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.

## Catalysts as of Mon Nov 9

- None dated Mon Nov 9.
- Next: CPI, 2026-11-10.

## Reading notes

- 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.

## Level record

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

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

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