SPX dealer positioning, the week of September 22, 2025
Sep 22 to Sep 26 · 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 22 | 6649.9 | 6694.8 | +44.9 +0.68% | 50.0 | +30.3 | 6627.5 crossed 4x | positive |
| Tuesday Sep 23 | 6693.3 | 6657.1 | -36.1 -0.54% | 50.8 | -37.7 | 6616.8 not crossed | positive |
| Wednesday Sep 24 | 6667.2 | 6637.6 | -29.6 -0.44% | 44.7 | -19.6 | 6575.2 not crossed | positive |
| Thursday Sep 25 | 6599.1 | 6604.3 | +5.2 +0.08% | 48.5 | -33.3 | 6528.2 not crossed | positive |
| Friday Sep 26 | 6616.5 | 6643.4 | +26.9 +0.41% | 39.7 | +39.1 | 6552.0 not crossed | positive |
Week: -21.1 points (-0.32%), close to close from 2025-09-19.
Ranges: 233.6 points over 5 sessions, the largest 50.8 on 2025-09-23.
Zero-gamma flip at the close: 6627.5 on the first session, 6552.0 on the last (-75.5 points).
Closed in positive gamma: 5 of 5 sessions.
Events this week
- Sep 23
12:35Fed Chair speech: Economic Outlook
spot +5.2 in the 15 minutes after 12:35; flip 6623.0 → 6620.8; net gamma long; walls 6623.0 / 6748.8 → 6620.8 / 6746.8 - Sep 24
08:30Housing starts
Housing starts: actual 1291K / prior 1432K - Sep 24
09:30VIX settlement
spot -7.3 in the 15 minutes after 09:30; flip 6597.3 → 6518.5; net gamma long; walls 6597.3 / 6739.7 → 6518.5 / 6728.3 - Sep 25
08:30Durable goods orders
Durable goods m/m: actual 3.0% / prior -2.8% - Sep 25
08:30GDP
GDP q/q: actual 4.4% / prior 3.8% - Sep 25
16:05COST earnings - Sep 26
08:30PCE inflation, income and spending · high impact
Core PCE m/m: actual 0.2% / prior 0.2% - Sep 26
10:00UMich consumer sentiment (final)
Sentiment: actual 55.1 / prior 58.2; 1y inflation: actual 4.7% / prior 4.8%; 5y inflation: actual 3.7% / prior 3.5%
spot -29.3 in the 15 minutes after 10:00; flip 6545.9 → 6551.3; net gamma long; walls 6545.9 / 6685.5 → 6551.3 / 6694.8
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.