Notes · Aug 31, 2026 · ~12:05 ET

SPY 0DTE is sitting on the 765 put wall in negative gamma

Educational desk read. Not investment advice. Not a trade recommendation.

By the 0DTE Confluence desk · Snapshot from the live rails, not a delayed Friday bake.

Monday session, cash open. Spot 765.13 is parked on the 765 put wall. Call wall 770. Magnet 766. Max pain 762. Net GEX is negative (about −3.4k on the desk print) — negative-gamma regime.

That combination is the opposite of a lazy fade: in negative gamma, a put wall is a break-or-reclaim level, not a bounce you buy because the label says support. See gamma walls and gamma flip if you want the definitions.

What the numbers actually say

• Regime — neg gamma. Dealers amplify, they do not pin. Stair-step fades are the blow-up.
• Put wall 765 — spot is on it. A 1-minute close through and hold is a break; a sweep that closes back above is a reclaim. Anticipating either is not a setup.
• Call wall 770 — overhead, stacked with the top of the 1σ expected-move band (770.37). That is a target/invalidation overlay, not an entry.
• EM 1σ 759.89–770.37 — ATM IV ~14%. Band is still wide; this is not a tight pin day.
• Pin ~0.32 — not locking. Do not treat max pain / magnet as a place to buy premium.

Delayed public copies of the same board live on /live/ (cite that URL) and /live/spy-gamma-flip. Those HTML files bake after the open and after the close; the Desk is the live tape.

Clock (this session)

Not an event day. Normal 16:00 close. Lane-1 A+ window already ended at 11:10 ET (Euro-close inflection). It is the lunch lull: lowest liquidity, most chop. Lane-2 B auto still runs to 14:00, then ping-only. Last entry 15:15. Force-flat 15:45.

Midday is where forced entries live. If level + candle + flow are not unambiguous, the correct 0DTE action is nothing. Silence is the default grade.

What this is not

This is not “buy the 765 put” or “buy the reclaim call.” It is a structure card: where spot is, which rail matters, which regime forbids a naive fade, and which clock you are in. Graded Discord still needs a confirmed 1-minute candle at the rail — how SPY alerts actually fire.

Options involve substantial risk of loss. Past rails and scanner prints are not a win-rate promise. You place every order in your own broker. Risk disclaimer.