Today's game plan Updated 2:18 PM ET

Last updated: Fri Oct 16, 2026 · 2:18 PM ET

2 PM Game Plan · bttrades.com
$SPX $SPY $ES SPX is at 7656, down 89 from the 7745 open and down 88 on the day, after setting a new session low of 7648 at 2:04. The 1 PM breakdown fired when the 1:19 bar closed at 7654, but it never reached 7640, and the 1:34 close at 7673 stopped it out. Price has chopped between 7648 and 7682 for the last hour, so the selling has stalled even though it hasn't turned. Gamma is still deeply negative at about −42.5B, a bit more than the −38.3B at 1 PM, so dealers can add to moves instead of damping them. The call wall is still 7700, 44 points above spot, and the put wall has moved up to 7640, 16 points below spot. The expected move from the live 7655 straddle is ±22, which puts the band at 7634 to 7678. 7640 is also the pin, with the heaviest open interest inside the band, so the put wall and the pin sit on the same strike. We've used 108 points against a 56-point average daily range (193%), so this is still a trend day and the normal range is long gone. For the breakdown, a 5-minute close below 7648 makes a new low and targets 7640 (put wall and pin) and then 7634 (EM low), and you're out on a 5-minute close back above 7660. For a breakout, a 5-minute close above 7683 clears the EM high and the 1:42 rally high and targets 7700 (call wall) and then 7710, and it's wrong back under 7670. Don't buy a flush into 7640 or 7634, and don't buy a quick reclaim bounce off it. Between 7648 and 7683 there's no clean edge, so stand aside unless a trigger fires. It's 0DTE with under two hours left, so keep size small, take profits at the targets, and expect gamma to get jumpier after 3 PM. Breadth is still negative at 222 up and 274 down, and puts lead 0DTE flow with a 1.30 put/call ratio, so the bias stays bearish under 7683 with negative gamma.

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Daily RecapFri Oct 16, 2026

Thu Oct 15 · Flush to 7670, V-bounce to 7754Wed Oct 14 · Hot CPI, 96-pt slide, 3 shorts

Trade Ideas · gap & base

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