Robert P. Balan

Revised Dec 19 OpEx Expectation of MM Hedge Reaction Function

Dec 18: Update No. 3 -- SPX at 6805 (and large positive GEX), this may be optimal level for the rest of the short hedges

Dec 18: Update No. 2 -- breach of 6810-6815 says we have a shot at 6830; breach of 6775 warns the sell-off continues

Dec 18: Update No. 1 -- 6810 breach likely leads to 6830-6835, with stickiness at 6805 and 6815-6820 on the way

SPX Market Structure Advisory: Dec 18-19, 2025; including OpEx MM hedge expectations

Dec 17: Update No. 2 -- SPX support shaping up at 6750 - 6740, but breach of 6730 re-ignites sell-off

Dec 17: Update No. 1 -- Greek structure shifted down after NY Open to 6775 - 6745; the IC whale likely wins at close

Dec 17: initial move to SPX 6820 -- the reaction thereafter determines the direction for the rest of the 0DTE

Dec 16: the 0DTE close will likely be at the 6810 - 6800 zone, as SPX remains trapped between two large positive GEX strikes

Dec 16; Update No. 1 -- weak structure holds; MM hedge priorities targets 6775 - 6760 zone as 0DTE floor

Dec. 16 -- Pre-NY Open Greek data suggests likely SPX sell-off continuation

Dec 15: Update No. 2 -- firm support may appear only at 6800 - 6795