Morning calls nailed: SPY breaks 745, QQQ clears 720, now test 750/725

GAMMA BRIEF AI Generated 2026-05-14

All three major indices punched through their pre-market resistance levels Thursday, with SPY trading at 748 after clearing the 745 call wall that capped it for days. A $73 million 0DTE call sweep on SPY at the 746 strike — with volume 39.9 times open interest — captured the move in real time and signals aggressive intraday bulls are not done yet.

The stagflation backdrop that worried traders this morning did not slow equities: retail sales hit estimates on the headline but hot import prices (+1.9% vs 1.0% est) and export prices (+3.3% vs 1.1% est) are still running. Markets appear to be pricing Bessent's 'substantial disinflation' narrative over the hard data — for now. The afternoon features three Fed speakers (Bowman, Hammack at 13:00 ET; Williams at 17:45 ET), and with SPY just 1.9 points from the 750 call wall, the next 90 minutes are the ones to watch.

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 7525

Put Wall 7400

Max Pain 7150

Net GEX +$90.6B

SPY CHOP

Call Wall 750

Put Wall 730

Max Pain 717

Net GEX +$8.6B

QQQ CHOP

Call Wall 725

Put Wall 710

Max Pain 670

Net GEX +$3.4B

IWM CHOP

Call Wall 285

Put Wall 275

Max Pain 274

Net GEX +$0.3B

ⓘ 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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Facts — Draw Your Own Conclusions

→DETERMINISTIC: SPY net GEX: +$8.64B — positive gamma regime; call wall 750, put wall 730, max pain 717.

→DETERMINISTIC: QQQ net GEX: +$3.41B — positive gamma regime; call wall 725, put wall 710; current price 720.76.

→DETERMINISTIC: IWM net GEX: +$0.34B — thin positive gamma; call wall 285, put wall 275; intraday high 285.65, current 284.83.

→DETERMINISTIC: SPY 0DTE call sweep at 746 strike — $73M premium, vol/OI 39.9x, sentiment: bullish_bet. 0DTE flow = 68.9% of SPY volume.

→DETERMINISTIC: TSLA call sweep at 445 strike (2026-05-15) — $76M premium, vol/OI 6.0x, sentiment: bullish_bet. TSLA current: 449.15, intraday high 451.95.

→DETERMINISTIC: NVDA call block at 235 strike (2026-05-15) — $83M premium, vol/OI 3.6x. NVDA current: 234.81, intraday high 236.45.

→DETERMINISTIC: Export Prices MoM actual 3.3% vs est 1.1%; Import Prices MoM actual 1.9% vs est 1.0% — both materially above consensus.

→SYNTHESIS: SPY 0DTE bullish_bet sweep ($73M, 39.9x vol/OI) aligns with tape clearing 745 and holding above it, but positive GEX (+$8.64B) and VIX 17.82 suggest 750 call wall will dampen follow-through — flow is bullish, structure is compressive.

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

Key Themes

SPY 745 wall broken, 750 call wall next testTSLA/NVDA multi-month UOA cluster supports QQQ bid0DTE SPY sweep ($73M, 39.9x) — intraday bull conviction confirmed in tapeFed speaker trio (Bowman/Hammack/Williams) — disinflation narrative vs hot price data

Directional Calls

SPY BULLISH

QQQ BULLISH

IWM NEUTRAL