$SPDR S&P 500 ETF Trust(SPY)$ GAMMA analysis for April 30: Spot Price: 715.33 Total Net GEX: +3.91B (POSITIVE GAMMA) This is a major shift in regime compared to earlier sessions. The market has transitioned from negative gamma (volatile, unstable) into positive gamma, which typically results in more controlled, range-bound price action. MARKET STRUCTURE The GEX profile is now heavily concentrated above and around current price, especially near: 715 (largest concentration) 716–720 (stacked positive gamma above) 710–712 (support band below) This tells you that dealers are now long gamma, which changes how the market behaves. WHAT POSITIVE GAMMA MEANS When dealers are long gamma: They sell into strength (caps upside) They buy into weakness (suppor