SPX dealer positioning, the week of January 19, 2026
Jan 19 to Jan 23 · 4 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 19 | no session | ||||||
| Tuesday Jan 20 | 6848.0 | 6796.4 | -51.6 -0.75% | 77.9 | -143.3 | 6827.6 crossed 11x | negative |
| Wednesday Jan 21 | 6825.3 | 6875.1 | +49.8 +0.73% | 103.2 | +78.7 | 6851.4 crossed 6x | positive |
| Thursday Jan 22 | 6921.5 | 6912.9 | -8.6 -0.12% | 39.9 | +37.8 | 6918.1 crossed 9x | negative |
| Friday Jan 23 | 6906.8 | 6915.5 | +8.7 +0.13% | 36.2 | +2.6 | 6916.0 crossed 25x | negative |
Week: -24.2 points (-0.35%), close to close from 2026-01-16.
Ranges: 257.3 points over 4 sessions, the largest 103.2 on 2026-01-21.
Zero-gamma flip at the close: 6827.6 on the first session, 6916.0 on the last (+88.5 points).
Closed in positive gamma: 1 of 4 sessions.
Events this week
- Jan 21
07:00JNJ earnings - Jan 21
09:30VIX settlement
spot +2.6 in the 15 minutes after 09:30; flip 7083.3 → 6609.8; net gamma long (was short) - Jan 21
13:0020-year bond auction, $13B (reopening)
spot +1.9 in the 15 minutes after 13:00; flip 6747.2 → 6753.1; net gamma long - Jan 22
07:00PG earnings - Jan 22
08:30PCE inflation, income and spending · high impact
Core PCE m/m: actual 0.3% / prior 0.2% - Jan 22
08:30GDP
GDP q/q: actual 0.5% / prior 4.4% - Jan 23
10:00UMich consumer sentiment (final)
Sentiment: actual 56.4 / prior 52.9; 1y inflation: actual 4% / prior 4.2%; 5y inflation: actual 3.3% / prior 3.2%
spot -0.6 in the 15 minutes after 10:00; flip 6758.3 → 6804.0; 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.