SPY Tests 761 Put Wall as Dealers Sit Short Gamma Across Indices

Benzinga reported that market experts were impressed by Nvidia's stock buyback move, while Barron's noted Apple is the only Mag 7 peer joining in on massive repurchases. That corporate cash provides an underlying bid for megacaps, but the index books under the surface tell a far more defensive story today. SPY sits at 762.51, hovering just a dollar above its 761 put wall. More importantly, it is trading well below its gamma flip of 770.58. That puts the dealer book firmly in short gamma territory. When dealers are short gamma, they no longer act as market shock absorbers. Instead of buying dips and selling rips, their hedging instructions force them to sell weakness and buy strength, accelerating intraday moves rather than damping them. The dynamic is not isolated to SPY. QQQ is pinned at 735.48 right against its own put wall at 735, with its flip up at 743.18. IWM sits at 277.44 with its flip at 284.35 and a put wall down at 275. Across all three major indexes, dealers are short gamma simultaneously. The implied volatility surface reflects that fragility: SPY carries an intraday expected move of plus or minus 1.07 percent, while QQQ and IWM both price expected bands near 1.45 percent to 1.49 percent. When price sits on a heavy put wall while short gamma, that wall acts as the immediate floor where negative gamma concentration peaks. If SPY loses 761, dealers have to shed further delta to stay neutral, opening a vacuum below the structure. Conversely, holding 761 forces short-covering flows back toward the 768 call wall, but any bounce still meets dealer resistance before reaching the 770.58 flip where the regime truly neutralizes. Over in crypto, Deribit positioning shows the same defensive lean on major books. BTC trades at 83,242 with net GEX negative and its flip up at 84,005. ETH sits at 2,681.91 below its 2,707.35 flip with net GEX also deeply negative. Across equities and crypto, the structural floor is being pressed. Where you click is always your own call, but the tape shows dealers hedging with the trend rather than standing in front of it.