The Structural Upward Bias in Equity Markets: A First-Principles Examination of Options Dealer Hedging, Gamma Convexity, and the Volatility Risk Premium Paradox Robert P. Balan 29 Apr 2026 — 14 min read Share
May 4 Post-Open: SPX Anchored in Positive GEX Structure — Long-Gamma Dealers Deliver Ongoing Structural Bid
May 1 Mid-Day Update: SPX Holds Strong Positive GEX Structure — Dealer Long Gamma Keeps Buy-the-Dip Support Alive
May 1 Post-Open: SPX Rallies into Strong Positive GEX Magnets (7270 - 7330) — Dealer Long Gamma Fuels the Upside Move
