3PM update/analysis
7510 to 7515
The regime has changed completely. The single biggest development: gamma at 7506 is now −15.7K — you’re in negative gamma territory, meaning dealer hedging amplifies moves instead of dampening them. Combined with ODTE delta deepening to −$3.83B and put OI magnet sitting at 7490, the setup into the close is bearish-leaning.
