May. 13 at 7:01 AM
London desk coming online with SPY sitting 46 cents above the gamma flip — 738.18 versus 737.72. That is not a cushion, that is noise. Negative gamma regime remains in effect, which means the tape is self-reinforcing in both directions: a sustained break below 737.72 and dealers are adding to the move, not absorbing it. Call wall is 750.00, put wall is 690.00. Current spot to the call wall is just under 12 points of open field — that is not pinned, but in negative gamma you earn every inch of it. The structure is live and asymmetric going into European flow.
Crypto is giving you nothing directional this morning. BTC compressed through the Asia session in an 805-point range, 80,427 to 81,232, and is sitting essentially flat on the day at 80,997. ETH is fractionally lower at 2,301, day range 2,274 to 2,306. Both contracts are coiling. That kind of tight overnight range in BTC — relative to recent volatility — reads as either genuine quiet risk appetite into the London open or thin participation waiting for European equity flows to commit. Neither reading is bullish confirmation.
The frame going into London is straightforward: negative gamma is the dominant structural condition. It does not care which direction the tape chooses. It amplifies. SPY is 46 cents on the right side of the flip right now — if that inverts and holds, the put wall at 690.00 transitions from a distant reference to a gravitational anchor. Crypto is not providing a cross-asset lean to front-run. Watch the gamma flip, not the overnight narrative.
$SPY $BTC $ETH
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