SPX dealer positioning, the week of May 5, 2025
May 5 to May 9 · 5 of 5 days traded · each session free to replay
| Day | Open | Close | Change | Range | Close to close | Flip at the close | Gamma at the close |
|---|---|---|---|---|---|---|---|
| Monday May 5 | 5644.5 | 5650.1 | +5.6 +0.10% | 47.0 | -37.2 | 5665.9 crossed 7x | negative |
| Tuesday May 6 | 5599.0 | 5607.3 | +8.4 +0.15% | 58.6 | -42.8 | 5618.0 crossed 16x | negative |
| Wednesday May 7 | 5613.4 | 5631.1 | +17.7 +0.31% | 67.1 | +23.8 | 5613.0 crossed 35x | positive |
| Thursday May 8 | 5671.5 | 5664.1 | -7.5 -0.13% | 83.6 | +33.0 | 5690.0 crossed 9x | negative |
| Friday May 9 | 5686.4 | 5660.1 | -26.3 -0.46% | 44.4 | -3.9 | 5662.5 crossed 32x | negative |
Week: -27.2 points (-0.48%), close to close from 2025-05-02.
Ranges: 300.6 points over 5 sessions, the largest 83.6 on 2025-05-08.
Zero-gamma flip at the close: 5665.9 on the first session, 5662.5 on the last (-3.4 points).
Closed in positive gamma: 1 of 5 sessions.
Events this week
- May 5
10:00ISM services PMI
spot -2.8 in the 15 minutes after 10:00; flip 5469.7 → 5482.2; net gamma long - May 6
13:0010-year note auction, $42B
spot +10.4 in the 15 minutes after 13:00; flip 5507.2 → 5508.4; net gamma long - May 7
09:30VIX settlement
spot +12.7 in the 15 minutes after 09:30; flip 5518.8 → 5512.4; net gamma long - May 7
14:00FOMC decision · high impact
Fed funds: actual 4.50% / prior 4.50%
spot -29.8 in the 15 minutes after 14:00; flip 5655.8 → 5601.1; net gamma short - May 7
14:30FOMC press conference · high impact
spot +16.6 in the 15 minutes after 14:30; flip 5571.6 → 5496.7; net gamma long - May 8
13:0030-year bond auction, $25B
spot -7.3 in the 15 minutes after 13:00; flip 5601.3 → 5605.9; net gamma long - May 9
10:00UMich consumer sentiment (preliminary)
Sentiment: prior 52.2; 1y inflation: prior 6.5%; 5y inflation: prior 4.4%
spot -5.9 in the 15 minutes after 10:00; flip 5606.1 → 5612.1; 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.