SPX Dealer Levels: March 20, 2026
On Friday, March 20, 2026, SPX opened at 6,606.49 and closed at 6,506.48, a session range of 132.61 points (2.05%). The mid-session dealer positioning snapshot showed call wall 6600, put wall 6540, zero gamma 6618, max pain 6680.
Dealer positioning levels
Strike carrying the session's heaviest call-side dealer gamma. Rallies often slow into this area.
Strike carrying the heaviest put-side dealer gamma. Declines often slow near this area.
Level where net dealer gamma flips sign, separating the dampened regime above from the amplified regime below.
Expiry strike at which the total settlement value of same-day SPX options would be smallest.
Intraday levels (30-minute snapshots)
| Time (PT) | SPX | Call Wall | Put Wall | Zero Gamma | Max Pain | Gamma |
|---|---|---|---|---|---|---|
| 06:30 | 6,589.19 | 6,700 | 5,300 | 6,350 | 6,700 | negative |
| 07:00 | 6,559.14 | 6,600 | 6,500 | 6,360 | 6,650 | negative |
| 07:30 | 6,544.72 | 6,750 | 6,540 | 6,618 | 6,675 | negative |
| 08:00 | 6,546.97 | 6,750 | 6,540 | 6,618 | 6,675 | negative |
| 08:30 | 6,545.21 | 6,750 | 6,540 | 6,618 | 6,675 | negative |
| 09:00 | 6,555.61 | 6,750 | 6,540 | 6,618 | 6,680 | negative |
| 09:30 | 6,555.95 | 6,750 | 6,540 | 6,618 | 6,680 | negative |
| 10:00 | 6,554.96 | 6,750 | 6,540 | 6,618 | 6,680 | negative |
| 10:30 | 6,547.03 | 6,750 | 6,540 | 6,618 | 6,675 | negative |
| 11:00 | 6,539.05 | 6,750 | 6,500 | 6,618 | 6,675 | negative |
| 11:30 | 6,510.76 | 6,750 | 6,500 | 6,618 | 6,675 | negative |
| 12:00 | 6,505.87 | 6,750 | 6,500 | 6,618 | 6,675 | negative |
| 12:30 | 6,496.80 | 6,500 | 6,490 | 6,355 | 6,675 | negative |
| 13:00 | 6,505.83 | 6,510 | 6,500 | 6,560 | 6,675 | negative |
Each row is the option-chain reading closest to that half-hour mark (within 10 minutes of it). Marks with no nearby snapshot are left out rather than filled in.
Session statistics
Open
6,606.49
High
6,606.49
Low
6,473.88
Close
6,506.48
Net dealer gamma read negative at the snapshot, a backdrop in which dealer hedging flows tend to amplify intraday swings. VIX opened at 24.78 and finished at 26.78.
Levels are computed from that session's SPX option-chain snapshots and reflect a mid-session reading. Prices are session-observed values, not official settlement prints. Archive pages are static records of what the dealer book showed that day. Method details on the methodology page.
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