Welcome to the weekend edition of SPX gamma levels. These calculations are based on scraping about 10,000 options on the chain via CBOE.
Current gamma exposure in SPX shows that each 1% move higher leads to dealers purchasing about $23.85B of S&P 500 e-mini futures, and vice versa for each 1% move lower. This is because we remain in negative gamma territory.
SPX 4300 has a significant wall of puts worth watching. This could act as a support level, and even have a bit of a magnetic effect for price. The call wall at 4400 is worth noting as well.
Meanwhile, the gamma flip level is presently SPX 4,449. If we do get in to positive gamma territory we switch to dips being bought and rips sold, which compresses volatility in price discovery.
As always I hope this information is helpful! Feel free to ask questions or leave feedback in the comments.