Two competing Iran headlines hit the tape today. Neither one did a thing.
Brandon Chapman recorded his nightly recap on why. The market opened squarely into positive gamma with a cushion running down to 740, and from there it ground higher all day without ever giving the bears a foothold.
That structure is why every pullback got bought. Five minutes here, ten minutes there, and each one recovered, because buying weakness is exactly what the dealer is obligated to do when the market is positioned like that.
Price pinned at 755, broke 756, retested it, then ran at 760 before a $2 billion gamma level stopped it cold at 758.65.
Here is what he covers in the video:
→ The 757/759 call spread he flagged this morning, and where it closed
→ Why tomorrow’s cushion will be thinner, and the exact volume reading that tells him so
→ His weekly ceiling at 760, what happens if the market clears it, and the level waiting above
→ Why TLT went nowhere on a day the S&P ran, and the trigger that opens 84.50
→ The $5 stock with 8% of its float short where institutions were buying spreads all session
Structure decided the direction today. The headlines just made noise on the way.
