SPY gaps above call wall into 0DTE expiry with TRIN at 0.10

Equity futures are pointing to a gap-up open across the board, with SPY set to open roughly +0.61% above Friday's close at 766.34 — already sitting above its own 762 call wall before the bell rings. The Trump-Xi summit headlines are driving broad risk-on sentiment, breadth is historically lopsided (NYSE A/D 40:7, TRIN 0.10), and SPY's 0DTE volume is running at 72% of total flow, which means today's options positioning will dominate intraday behavior.

The catch: GEX structure is complicated. SPY's net GEX is negative at -$10.22B, meaning dealers are short gamma and price moves can be amplified in either direction — not dampened. SPX, by contrast, carries a massive +$321B net GEX with call wall at 7625 and put wall at 7620, both already below the current pre-market equivalent price. The gap into a negative-gamma SPY regime with 0DTE expiry active is the key tension this morning.