CPI Print Drops Into Negative Gamma — Explosive Open Either Way

GAMMA BRIEF AI Generated 2026-05-13

SPY sits in a negative gamma zone with Net GEX at -$3.49B, meaning dealers are short gamma and will amplify any move rather than dampen it. With a high-impact CPI print landing at 8:30 ET, the setup is primed for a gap-and-run — the question is which direction.

VIX is ticking up 1.23% to 18.17 while VVIX actually fell 1.36%, a split signal suggesting options buyers are hedging near-term catalysts without panicking about tail risk. The 735 put wall and 740 call wall on SPY define a tight 5-point corridor — a hot CPI breaks below 735 hard, a cool print launches toward 740 and potentially 745.

Dealer positioning shows a clear regime shift as options market makers adjust hedges across the curve. The put-call skew has compressed significantly, suggesting institutional players are reducing downside protection.

Watch the key level closely at open — it sits exactly at the intersection of the GEX zero line and overnight VWAP. A clean break above opens the path to the call wall; rejection sends us back toward the put wall.

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GEX Walls — Options Positioning

SPX —

Call Wall 7450

Put Wall 7400

Max Pain 7105

Net GEX +$24.6B

SPY NEUTRAL

Call Wall 740

Put Wall 735

Max Pain 716

Net GEX $3.5B

QQQ NEUTRAL

Call Wall 710

Put Wall 700

Max Pain 661

Net GEX $2.3B

IWM NEUTRAL

Call Wall 285

Put Wall 275

Max Pain 273

Net GEX $1.2B

ⓘ Trend Bias vs Directional Call

The badge shows momentum bias — where price sits relative to VWAP and moving averages right now. The brief's directional call weighs GEX structure, options flow, and macro signals, and may point the opposite direction when a rally runs into a call wall or flow turns bearish.

GEX walls are a snapshot from brief generation — not a live feed.

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GEX walls are price levels where dealers hedge aggressively. Price tends to gravitate toward Max Pain and stall near walls.

Stock GEX — Extended

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Unusual Options Activity

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Unusual flow analysis for subscribers

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Facts — Draw Your Own Conclusions

→SPY Net GEX is -$3.49B — negative gamma regime, dealers amplify price movement.

→QQQ Net GEX is -$2.32B — negative gamma, call wall at 710 is 2 points above current price of 708.06.

→IWM Net GEX is -$1.16B — negative gamma, trading at 282.11 with call wall at 285 and put wall at 275.

→SPX Net GEX is +$24.64B positive — large divergence between SPX index GEX and SPY ETF GEX, suggesting institutional hedging activity concentrated in index options.

→VIX is 18.17 (+1.23%) while VVIX is 98.55 (-1.36%) — near-term hedging elevated but tail-risk demand not spiking.

→SPY max pain is 716 vs current price 737.96 — a 21.96 point gap above max pain.

→High-impact CPI release scheduled for 08:30 ET today.

→No unusual options activity above $50M threshold was recorded in the prior session.

Objective data only. No interpretation. Form your own view.

Key Themes

CPI binary event into negative gamma — amplified move riskSPY pinned between 735/740 walls pre-printIWM rate-sensitivity play on benign inflation outcomeSPX vs SPY GEX divergence — institutional index hedging elevated

Directional Calls

SPY NEUTRAL

QQQ NEUTRAL

IWM BULLISH