SPY: The $683.00 Zero Gamma Pivot Defines Today's Volatility
SPY: The $683.00 Zero Gamma Pivot Defines Today's Volatility 📊 MARKET OVERVIEW As of the morning of March 2, 2026, the options market presents a nuanced picture for both SPY and QQQ, with critical pivots set to dictate intraday volatility. The SPY spot price is $682.90 , while QQQ stands at $604.01 . Both indices are currently exhibiting a Net GEX of $0.00 Billion , which, while seemingly neutral, implies a very specific market dynamic. A Net GEX at or near zero suggests that the market is hovering around its Zero Gamma Pivot. This is a critical inflection point where market maker hedging behavior shifts dramatically. In such an environment, the market is highly susceptible to increased volatility as dealers transition from being gamma-neutral to either short gamma (accelerating moves) or long gamma (dampening moves). For SPY, the Zero Gamma Pivot is precisely at $683.00 . With SPY spot at $682.90, we are essentially at this critical juncture. This means that any sustained move...