Positive gamma levels tend to act like a ceiling where market makers sell into strength as they hedge. Nicholas had $SPX 7680 marked all morning and was waiting for price to get there so he could short it. Slippage and all, this is the result. Follow @WhaleWatch_UW on X Catch WhaleWatch live every Monday and Wednesday at 9:20am ET: WhaleWatch is sponsored by tastytrade every Monday! Use referral code UNUSUALWHALES when opening a tastytrade account at  tastytrade, Inc. (“tastytrade”) has entered into a Marketing Agreement with Unusual Whales, Inc. (“Marketing Agent”) whereby tastytrade pays compensation to Marketing Agent to recommend tastytrade's brokerage services. The existence of this Marketing Agreement should not be deemed as an endorsement or recommendation of Marketing Agent by tastytrade and/or any of its affiliated companies. Neither tastytrade nor any of its affiliated companies is responsible for the privacy practices of Marketing Agent. tastytrade does not warrant the accuracy or content of the products or services offered by Marketing Agent. Marketing Agent is independent and is not an affiliate of tastytrade.

Positive breadth at the close on Monday will bring a 3rd McClellan Oscillator bottom, higher than the last two, which is a powerful bullish signal. We last saw one of those at the March 30, 2026 low.