SPX dealer positioning, the week of May 19, 2025
May 19 to May 23 · 5 of 5 days traded · each session free to replay
| Day | Open | Close | Change | Range | Close to close | Flip at the close | Gamma at the close |
|---|---|---|---|---|---|---|---|
| Monday May 19 | 5902.6 | 5964.0 | +61.4 +1.04% | 67.0 | +5.6 | 5851.7 not crossed | positive |
| Tuesday May 20 | 5948.4 | 5940.2 | -8.2 -0.14% | 41.8 | -23.8 | 5860.1 not crossed | positive |
| Wednesday May 21 | 5903.9 | 5845.4 | -58.5 -0.99% | 106.3 | -94.8 | 5796.4 not crossed | positive |
| Thursday May 22 | 5839.9 | 5841.4 | +1.5 +0.03% | 48.4 | -4.1 | 5779.3 not crossed | positive |
| Friday May 23 | 5773.8 | 5802.9 | +29.1 +0.50% | 55.3 | -38.5 | 5668.2 not crossed | positive |
Week: -155.5 points (-2.61%), close to close from 2025-05-16.
Ranges: 318.7 points over 5 sessions, the largest 106.3 on 2025-05-21.
Zero-gamma flip at the close: 5851.7 on the first session, 5668.2 on the last (-183.5 points).
Closed in positive gamma: 5 of 5 sessions.
Events this week
- May 21
09:30VIX settlement
spot +6.8 in the 15 minutes after 09:30; net gamma long; walls 5549.7 / 5972.5 → 5789.2 / 5972.0 - May 21
13:0020-year bond auction, $16B
spot -20.3 in the 15 minutes after 13:00; flip 5802.8 → 5805.7; net gamma long; walls 5802.8 / 5989.8 → 5805.7 / 5992.4 - May 23
08:30Housing starts
Housing starts: actual 1400K / prior 1346K - May 23
10:00UMich consumer sentiment (final)
Sentiment: actual 52.2 / prior 52.2; 1y inflation: actual 6.6% / prior 6.5%; 5y inflation: actual 4.2% / prior 4.4%
spot +12.6 in the 15 minutes after 10:00; flip 5615.8 → 5625.4; net gamma long; walls 5615.8 / 5891.0 → 5625.4 / 5887.8
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.