SPX dealer positioning, the week of September 15, 2025
Sep 15 to Sep 19 · 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 Sep 15 | 6607.8 | 6615.7 | +7.9 +0.12% | 15.3 | +30.8 | 6522.7 not crossed | positive |
| Tuesday Sep 16 | 6624.2 | 6607.1 | -17.1 -0.26% | 23.0 | -8.6 | 6610.2 crossed 2x | negative |
| Wednesday Sep 17 | 6612.3 | 6600.6 | -11.6 -0.18% | 70.9 | -6.5 | 6466.4 not crossed | positive |
| Thursday Sep 18 | 6621.8 | 6631.8 | +10.0 +0.15% | 41.8 | +31.2 | 6598.3 not crossed | positive |
| Friday Sep 19 | 6644.4 | 6664.5 | +20.1 +0.30% | 39.4 | +32.7 | 6594.4 not crossed | positive |
Week: +79.6 points (+1.21%), close to close from 2025-09-12.
Ranges: 190.3 points over 5 sessions, the largest 70.9 on 2025-09-17.
Zero-gamma flip at the close: 6522.7 on the first session, 6594.4 on the last (+71.7 points).
Closed in positive gamma: 4 of 5 sessions.
Events this week
- Sep 16
08:30Retail sales
Retail sales m/m: actual 0.6% / prior 1.1% - Sep 16
13:0020-year bond auction, $13B (reopening)
spot +1.5 in the 15 minutes after 13:00; flip 6548.5 → 6548.3; net gamma long; walls 6548.5 / 6656.4 → 6548.2 / 6655.6 - Sep 17
08:30Housing starts
Housing starts: actual 1291K / prior 1432K - Sep 17
09:30VIX settlement
spot -6.8 in the 15 minutes after 09:30; flip 6395.8 → 6450.7; net gamma long; walls 6395.8 / 6669.5 → 6450.7 / 6722.7 - Sep 17
14:00FOMC decision · high impact
Fed funds: actual 4.25% / prior 4.50%
spot -20.6 in the 15 minutes after 14:00; flip 6268.4 → 6401.2; net gamma long; walls 6268.4 / 6715.4 → 6401.2 / 6720.5 - Sep 17
14:30FOMC press conference · high impact
spot -41.8 in the 15 minutes after 14:30; flip 6396.5 → 6451.0; net gamma long; walls 6396.5 / 6705.1 → 6451.0 / 6689.7
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.