SPX Dealer Levels: May 12, 2026
On Tuesday, May 12, 2026, SPX opened at 7,412.84 and closed at 7,400.96, a session range of 73.97 points (1.01%). The mid-session dealer positioning snapshot showed call wall 7600, put wall 7330, zero gamma 7113, max pain 7375.
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.
Session statistics
Open
7,412.84
High
7,412.84
Low
7,338.87
Close
7,400.96
Net dealer gamma read negative at the snapshot, a backdrop in which dealer hedging flows tend to amplify intraday swings. VIX opened at 18.69 and finished at 17.99.
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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