SPX dealer positioning, the week of February 17, 2025

Feb 17 to Feb 21 · 4 of 5 days traded · each session free to replay

← the week of Feb 10 the week of Feb 24 →the calendar for this week every session

Day	Open	Close	Change	Range	Close to close	Flip at the close	Gamma at the close
Monday Feb 17	no session
Tuesday Feb 18	6123.5	6128.2	+4.7 +0.08%	27.2	+13.9	6068.5 not crossed	positive
Wednesday Feb 19	6115.5	6144.1	+28.5 +0.47%	35.5	+15.8	6081.9 not crossed	positive
Thursday Feb 20	6130.8	6117.8	-13.0 -0.21%	44.3	-26.3	6050.0 not crossed	positive
Friday Feb 21	6111.5	6013.5	-98.0 -1.60%	103.1	-104.3	5987.6 not crossed	positive

Week: -100.8 points (-1.65%), close to close from 2025-02-14.
Ranges: 210.1 points over 4 sessions, the largest 103.1 on 2025-02-21.
Zero-gamma flip at the close: 6068.5 on the first session, 5987.6 on the last (-80.9 points).
Closed in positive gamma: 4 of 4 sessions.

Events this week

Feb 19 08:30 Housing starts
Housing starts: actual 1353K / prior 1494K
Feb 19 09:30 VIX settlement
spot +1.8 in the 15 minutes after 09:30; flip 6000.5 → 6042.6; net gamma long; walls 6000.5 / 6168.5 → 6042.6 / 6159.0
Feb 19 13:00 20-year bond auction, $16B
spot -4.0 in the 15 minutes after 13:00; flip 6062.3 → 6066.2; net gamma long; walls 6062.4 / 6156.7 → 6066.2 / 6158.0
Feb 19 14:00 FOMC minutes
spot +11.6 in the 15 minutes after 14:00; flip 6074.5 → 6072.0; net gamma long; walls 6074.5 / 6156.2 → 6072.0 / 6154.5
Feb 20 07:00 WMT earnings

Prices are SPX at the minute. Change is close minus open; close to close is against the previous finished session. The zero-gamma flip is the terminal's measured flip at the close, and "crossed" counts the minutes the tape changed sides of it. Gamma at the close is where the close sat against that flip. Events are the market calendar's high and medium impact rows; the line under an in-session event is what the book did in the fifteen minutes after it, from the day's own payload. Nothing here is a forecast; see the Terms.