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Market Analysis2 min read

July 24 Recap: Dealers Stay Short Gamma as Micron Premium Nears $2B

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TradingFlow's July 24 daily market recap: persistent short gamma, cooler options activity, semiconductor-led premium, Tesla's non-directional DEI magnitude, and Nvidia's positive signed DEX.

Index gamma stayed negative after Thursday's AI-capex selloff. Semiconductors again led options premium. Tesla led non-directional DEI magnitude, while Nvidia led positive signed DEX.

This edition first ran as a 60-second visual recap. The full video edition is now part of Tradely's paid market-research case-study library.

Key numbers

Market data as of the July 24, 2026 close.

MeasureReadingContext
Total premium$18.0B$23.0B prior session
Call share52%61% trailing average
SPX Net GEX−$6.6B−$5.5B prior session
Top premiumMU $1.9BCalls and puts nearly even
NVDA Net DEX+126MShare-equivalent tilt
TSLA DEI magnitude266Session high

The read: a mixed rebound under persistent short gamma

Total options premium cooled to $18.0 billion from $23.0 billion. Semiconductors led classified names with $6.8 billion, and Micron topped the symbol table at $1.99 billion.

Tesla carried the largest modeled DEI magnitude at 266. That measure describes footprint size, not direction. Nvidia separately led positive signed DEX at +126 million share equivalents.

Next watch: the July 28–29 Fed meeting, Microsoft and Meta on Wednesday, then Amazon and Apple on Thursday.

Today's session runs in the Daily Market Recap recipe, the official Cookbooks report in the app.

Sources

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Educational and informational only, not financial advice. Options-flow reads are statistical inferences. Dealer exposure levels, including GEX, DEX, DEI, walls, and magnets, are modeled estimates, not guarantees.

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