SPY Pins Below Call Wall, QQQ Breaks Put Wall, IWM Flips The Script

GAMMA BRIEF AI Generated 2026-08-14

Friday's session is playing out as a textbook weekly expiry grind — SPY is glued just below its 780 call wall with a session range of barely two points, while gold is quietly ripping +0.87% as equities drift red. The real surprise: IWM, which this morning's brief flagged as structurally broken, has reclaimed 304 and is pressing its own 305 call wall — the one bearish call that didn't hold.

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.

Full analysis is for subscribers

Start Free Trial View pricing →

GEX Walls — Options Positioning

SPX BEARISH

Call Wall 7800

Put Wall 7750

Max Pain 7590

Net GEX +$49.3B

SPY BEARISH

Call Wall 780

Put Wall 775

Max Pain 760

Net GEX +$11.6B

QQQ BEARISH

Call Wall 735

Put Wall 730

Max Pain 705

Net GEX +$3.5B

IWM CHOP

Call Wall 305

Put Wall 295

Max Pain 295

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.

Got it, don't show again

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

Stock GEX — Extended

🔒

GEX walls for NVDA, TSLA, AAPL, MSFT, AMZN — Pro subscribers

Upgrade to Pro →

Unusual Options Activity

🔒

Unusual flow analysis for subscribers

Start free trial →

Facts — Draw Your Own Conclusions

→DETERMINISTIC: SPY net GEX +$11.59B; call wall 780.0, put wall 775.0, max pain 760.0.

→DETERMINISTIC: SPY last 776.73 sits 3.27 below call wall and 1.73 above put wall (pre-computed).

→DETERMINISTIC: QQQ last 730.07 sits 0.07 above put wall 730.0; session low 729.29 breached put wall intraday.

→DETERMINISTIC: IWM trend bias CHOP, score +10, confidence 14%; above VWAP 303.79 but price structure showing lower highs/lower lows.

→DETERMINISTIC: SPX 0DTE put sweep at 7800 strike — $55M premium, vol/OI 13.1x, 09:01 ET, sentiment: bearish_bet.

→DETERMINISTIC: SPY 0DTE volume share 75.2%; VIX 14.46 (-0.62%), VVIX 88.87 (-1.24%) — low vol regime, normal vol-of-vol.

→DETERMINISTIC: GLD +0.87%, SLV +0.80% while SPY -0.15% — metals bid, equities soft.

→SYNTHESIS: SPX 0DTE put sweep ($55M, 13.1x vol/OI, bearish_bet) aligns with SPY trading below VWAP 777.13 and drifting toward the 775 put wall — flow and price structure agree on downside bias, but the 0.8x vol/OI SPY call block at 750 reads as a hedge rather than confirmation of a directional counter-bid.

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

Key Themes

Weekly expiry gamma pin — SPY compressed below 780 call wallQQQ put wall breach risk — 730 tested intradayGLD/SLV bid vs equity softness — risk-off divergenceIWM morning bearish thesis invalidated — call wall now the ceiling

Join the GammaBrief Community

Trade ideas, live flow alerts, and member discussion.

Join Discord →

Directional Calls

SPY RANGE-BOUND

QQQ BEARISH

IWM RANGE-BOUND