3PM update & levels
7489 to 7506
The story in one line: 189,916 contracts traded at 7,500C today — nearly 10x its open interest — and peak gamma sits exactly at spot, so dealers are locked into symmetrical hedging (sell every push above 7,500, buy every dip below). That’s the “pin as vice.”
Gamma is doing essentially all the work right now (vanna already spent its fuel compressing IV fr…
