SPX dealer positioning, the week of January 20, 2025

Jan 20 to Jan 24 · 4 of 5 days traded · each session free to replay

← the week of Jan 13 the week of Jan 27 →the calendar for this week every session

Day	Open	Close	Change	Range	Close to close	Flip at the close	Gamma at the close
Monday Jan 20	no session
Tuesday Jan 21	6027.6	6048.8	+21.2 +0.35%	42.2	+52.1	6035.1 crossed 2x	positive
Wednesday Jan 22	6075.5	6086.4	+10.9 +0.18%	22.9	+37.6	6089.9 crossed 1x	negative
Thursday Jan 23	6078.5	6117.7	+39.2 +0.64%	40.6	+31.3	6093.9 not crossed	positive
Friday Jan 24	6119.8	6101.3	-18.6 -0.30%	35.9	-16.4	6105.4 crossed 7x	negative

Week: +104.5 points (+1.74%), close to close from 2025-01-17.
Ranges: 141.6 points over 4 sessions, the largest 42.2 on 2025-01-21.
Zero-gamma flip at the close: 6035.1 on the first session, 6105.4 on the last (+70.4 points).
Closed in positive gamma: 2 of 4 sessions.

Events this week

Jan 21 16:05 NFLX earnings
Jan 22 07:00 JNJ earnings
Jan 22 07:00 PG earnings
Jan 22 09:30 VIX settlement
spot +3.2 in the 15 minutes after 09:30; flip 6046.4 → 6013.2; net gamma long
Jan 22 13:00 20-year bond auction, $13B (reopening)
spot -0.3 in the 15 minutes after 13:00; flip 6072.8 → 6074.5; net gamma long
Jan 24 10:00 UMich consumer sentiment (final)
Sentiment: actual 71.7 / prior 74; 1y inflation: actual 3.3% / prior 2.8%; 5y inflation: actual 3.2% / prior 3%
spot -8.2 in the 15 minutes after 10:00; flip 6028.5 → 6034.6; net gamma long

Prices are SPX at the minute. Change is close minus open; close to close is against the previous finished session. The zero-gamma flip is the terminal's measured flip at the close, and "crossed" counts the minutes the tape changed sides of it. Gamma at the close is where the close sat against that flip. Events are the market calendar's high and medium impact rows; the line under an in-session event is what the book did in the fifteen minutes after it, from the day's own payload. Nothing here is a forecast; see the Terms.