Wednesday's session delivered a textbook Vixpiration grind: SPX touched 7754 — just above its 7750 max pain/call wall — while IWM quietly rolled back below its own max pain of 277, now trading at 276.57 with a bearish intraday structure. The morning's $358M cluster of SPX 0DTE call sweeps between 7720 and 7740 paid out handsomely, but with those strikes now deep in-the-money and the session in its final stretch, the gravitational pull of key GEX levels is the dominant afternoon force.
VIX is up 1.21% to 16.77 even as equities hold gains — an unusual divergence on a Vixpiration day that suggests the VIX monthly settlement process is creating cross-current volatility rather than suppressing it. Netflix's 7% drop and AT&T's 5% selloff are providing idiosyncratic drag against AI/SpaceX-driven strength in TSLA (+3.39%) and data center names. The result is a bifurcated tape where large-cap tech is carrying the index while breadth underneath remains questionable.
GEX walls are price levels where dealers hedge aggressively. Price tends to gravitate toward Max Pain and stall near walls.
GEX walls for NVDA, TSLA, AAPL, MSFT, AMZN — Pro subscribers
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