SPX Dealer Levels: July 22, 2026
On Wednesday, July 22, 2026, SPX opened at 7,509.20 and closed at 7,498.96, a session range of 39.72 points (0.53%). The mid-session dealer positioning snapshot showed call wall 7525, put wall 7500, zero gamma 7521, max pain 7500.
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 | 7,497.47 | 7,500 | 7,475 | 7,559 | 7,500 | positive |
| 07:00 | 7,512.25 | 7,525 | 7,500 | 7,542 | 7,500 | positive |
| 07:30 | 7,498.99 | 7,500 | 7,475 | - | 7,500 | negative |
| 08:00 | 7,504.89 | 7,525 | 7,500 | 7,556 | 7,500 | positive |
| 08:30 | 7,519.46 | 7,525 | 7,500 | 7,524 | 7,500 | positive |
| 09:00 | 7,522.02 | 7,525 | 7,500 | 7,522 | 7,500 | positive |
| 09:30 | 7,524.13 | 7,525 | 7,500 | 7,521 | 7,500 | positive |
| 10:00 | 7,523.44 | 7,525 | 7,500 | 7,520 | 7,500 | positive |
| 10:30 | 7,517.07 | 7,525 | 7,500 | 7,521 | 7,500 | positive |
| 11:00 | 7,510.48 | 7,525 | 7,500 | 7,524 | 7,500 | positive |
| 11:30 | 7,510.29 | 7,520 | 7,500 | 7,524 | 7,500 | positive |
| 12:00 | 7,509.69 | 7,510 | 7,500 | 7,523 | 7,500 | positive |
| 12:30 | 7,504.92 | 7,510 | 7,500 | 7,364 | 7,500 | negative |
| 13:00 | 7,499.05 | 7,500 | 7,495 | 7,355 | 7,500 | 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
7,509.20
High
7,525.80
Low
7,486.08
Close
7,498.96
Net dealer gamma read positive at the snapshot, a backdrop in which dealer hedging flows tend to dampen intraday swings. VIX opened at 17.33 and finished at 16.64.
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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