Huo Xing Finance reports that on June 7, former hedge fund analyst Alphatica, in his weekend outlook, noted that SPY (S&P 500 ETF Trust) closed Friday at $737.55, down 2.6% on the day. However, Friday’s options expiration eliminated the strongest acceleration factor behind concentrated selling pressure—the massive negative gamma of -$871 million at the $740 strike price has now expired to zero. Total negative GEX (Gamma Exposure, a metric measuring whether market makers’ hedging behavior buffers or amplifies volatility) fell from an intraday peak of -$1.847 billion to -$868 million. The most intense selling pressure has vanished, and the market has shifted from “concentrated violent selling” to “dispersed pressure.” Multiple key indicators have simultaneously turned bearish: the composite score entered the bearish zone for the first time at -22.9; IV (implied volatility) skew reached +5.35%, the highest in this cycle; put premiums are significantly elevated, with 65% of volume coming from the put side and daily put premiums reaching $3 billion—ending the previous dominance of call options in the selling phase. However, rebound catalysts also exist: the Vanna reading (a metric measuring how changes in implied volatility affect market makers’ Delta hedging demand; a positive value means market makers must buy stocks as IV declines) surged to +190,800, the strongest level in the cycle. If IV retreats from its current level of 15.7%, it will trigger mechanical buying by traders. Alphatica noted that Monday will determine which of two scenarios unfolds—if institutional positioning rebuilds and buying returns in the afternoon, this remains a repairable amplification of selling; if the rebuild fails and the $724 floor is breached, structural characteristics have changed, and the market logic before June 18 must be reassessed.
SPY weekly selling pressure cleared; market awaits Monday's buying pressure recovery
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Summary
The weekly market report from June 7, 2026, shows SPY closed at $737.55, down 2.6%. Options expiration eliminated the primary selling pressure, with negative Gamma at the $740 strike now at zero. Total negative GEX declined to -$868 million. On-chain data reveals a composite score of -22.9, an IV skew of +5.35%, and 65% of put premiums originating from the put side. Vanna reached +190,800, indicating potential mechanical buying if implied volatility declines. A rebound on Monday could signal recovery, but a break below $724 would require reassessment before June 18.
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