Qamar Zaman breaks down SPX options for September 24, 2025. The gamma flip sits at 6660.5, with bearish targets at 6620 and 6605 if it breaks below, bullish targets at 6676 if it holds above. Heavy put interest at 6630-6600 and negative GEX suggest fragile conditions.
SPX Battle Plan, Wednesday, September 24th, 2025. SPX Spot: ~6640. Gamma Flip Level: 6660.5. Market Bias: Lean Bearish. Simplified Playbook: Bearish below 6660. Target 6620, 6605, 6580. Bullish above 6660 target 6676,685. Key context: Net negative GEX means dealers may sell into weakness. Heavy put OI at 6630-6600 shows downside protection building. VIX elevated at 16+ suggests fragile conditions. 6660 is critical gamma flip level, above flips bias bullish. Grandma's wisdom: below 6660, the floor gets slippery. Break above to flip the script. Trade the break, not the bounce. Mind the GEX gravity— it amplifies moves in both directions.
