SPY closed the week in the deepest positive gamma I've seen in a while (IV ~9%)
u/CloverPeterson53 ·
Reddit — r/options
· August 01, 2026 at 21:15
· ⬆ 15 pts
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Looking at the gamma setup into next week and it's a weird one, curious what you all think.
SPY closed pinned around 742–747 in deep positive gamma — realized vol crushed, 0DTE IV down near 9%, dealers glued to the 741/750 walls. Classic "sell the premium, fade the extremes" pin regime. On its own I'd be leaning short vol into that.
The catch: QQQ flipped negative gamma, and next week is a monster tech earnings slate — PLTR Mon, AMD Tue, then LLY/DIS/SHOP Wed, NET Thu — capped by the jobs report Friday. So you've got a calm index sitting on a jumpy Nasdaq into a wall of catalysts.
My question for the premium sellers: do you trust the SPY pin enough to sell into it here, or does the earnings + jobs gauntlet make this a "sit on your hands / defined-risk only" week? Feels like the kind of setup where the pin holds right up until one big tech reaction drags everything.
How are you positioning?