SPX dealer positioning, the week of January 12, 2026
Jan 12 to Jan 16 · 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 Jan 12 | 6938.0 | 6977.8 | +39.8 +0.57% | 47.2 | +11.2 | 6969.7 crossed 1x | positive |
| Tuesday Jan 13 | 6982.6 | 6963.5 | -19.0 -0.27% | 46.1 | -14.3 | 6956.6 crossed 20x | positive |
| Wednesday Jan 14 | 6937.6 | 6927.6 | -10.0 -0.14% | 53.4 | -35.9 | 6905.6 crossed 22x | positive |
| Thursday Jan 15 | 6964.8 | 6944.0 | -20.8 -0.30% | 39.2 | +16.4 | 6959.1 crossed 25x | negative |
| Friday Jan 16 | 6962.4 | 6939.7 | -22.8 -0.33% | 39.3 | -4.4 | 6948.7 crossed 25x | negative |
Week: -26.9 points (-0.39%), close to close from 2026-01-09.
Ranges: 225.1 points over 5 sessions, the largest 53.4 on 2026-01-14.
Zero-gamma flip at the close: 6969.7 on the first session, 6948.7 on the last (-21.0 points).
Closed in positive gamma: 3 of 5 sessions.
Events this week
- Jan 12
13:0010-year note auction, $39B (reopening)
spot +3.3 in the 15 minutes after 13:00; flip 6904.1 → 6898.5; net gamma long - Jan 13
07:00JPM earnings - Jan 13
08:30CPI · high impact
CPI y/y: actual 3.0% / prior 3.0%; Core CPI m/m: actual 0.2% / prior 0.2% - Jan 13
13:0030-year bond auction, $22B (reopening)
spot +7.7 in the 15 minutes after 13:00; flip 6911.5 → 6908.1; net gamma long - Jan 14
08:30PPI
PPI m/m: actual 0.4% / prior 0.4% - Jan 14
08:30Retail sales
Retail sales m/m: actual 0.0% / prior 0.5% - Jan 14
09:30VIX settlement
spot -20.1 in the 15 minutes after 09:30; flip 7153.7 → 6773.3; net gamma long (was short) - Jan 14
14:00Fed Beige Book
spot -0.2 in the 15 minutes after 14:00; flip 6847.3 → 6849.1; net gamma long - Jan 16 On the same day: monthly options, LEAPS
- Jan 16 LEAPS expire (the January cycle)
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.