SPX dealer positioning, the week of February 16, 2026
Feb 16 to Feb 20 · 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 Feb 16 | no session | ||||||
| Tuesday Feb 17 | 6823.8 | 6843.8 | +20.0 +0.29% | 89.8 | +7.4 | 6838.7 crossed 18x | positive |
| Wednesday Feb 18 | 6848.8 | 6880.6 | +31.8 +0.46% | 59.5 | +36.8 | 6888.1 crossed 9x | negative |
| Thursday Feb 19 | 6858.4 | 6861.4 | +3.0 +0.04% | 42.5 | -19.2 | 6852.0 crossed 22x | positive |
| Friday Feb 20 | 6836.8 | 6909.1 | +72.3 +1.06% | 79.3 | +47.7 | 6895.8 crossed 6x | positive |
Week: +72.7 points (+1.06%), close to close from 2026-02-13.
Ranges: 271.0 points over 4 sessions, the largest 89.8 on 2026-02-17.
Zero-gamma flip at the close: 6838.7 on the first session, 6895.8 on the last (+57.1 points).
Closed in positive gamma: 3 of 4 sessions.
Events this week
- Feb 18
08:30Durable goods orders
Durable goods m/m: actual -0.4% / prior -0.9% - Feb 18
08:30Housing starts
Housing starts: actual 1385K / prior 1378K - Feb 18
09:30VIX settlement
spot +20.6 in the 15 minutes after 09:30; flip 6581.2 → 6634.3; net gamma long - Feb 18
13:0020-year bond auction, $16B
spot -2.2 in the 15 minutes after 13:00; flip 6772.2 → 6782.0; net gamma long - Feb 18
14:00FOMC minutes
spot -7.3 in the 15 minutes after 14:00; flip 6796.0 → 6799.4; net gamma long - Feb 19
07:00WMT earnings - Feb 20
08:30PCE inflation, income and spending · high impact
Core PCE m/m: actual 0.4% / prior 0.3% - Feb 20
08:30GDP
GDP q/q: actual 2.1% / prior 0.5% - Feb 20
10:00UMich consumer sentiment (final)
Sentiment: actual 56.6 / prior 56.4; 1y inflation: actual 3.4% / prior 4%; 5y inflation: actual 3.3% / prior 3.3%
spot -1.9 in the 15 minutes after 10:00; flip 6698.9 → 6722.6; 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.