November 11 Recap: SPX Clears 7,600 and Closes Above Its Priced Range

SPX rose 98.50 points on November 11 to close at 7,619.40, 19.40 above the 7,600 level that notes before the open had called the day's top, and about 1.3 times the move Tuesday's chain priced for Wednesday. It opened at 7,586.70, already above the 7,550 call wall and 7,552.08 gamma flip built on Tuesday, and its low, 7,571.90, never came back to either. SPY and QQQ closed above their priced ranges too, by $3.15 and $5.24. CRWV rose 24.85% after its report, a little more than its options priced through Friday, and then the implied vol of its Friday expiry halved. Single-name premium was $19.2B, 64% of it in calls, and the recap's near-dated SPX row read +40.26 Positive.

$19.2B, 64% calls, 21% bullish versus 20% bearish. MU led at $3.5B Mixed; SPX's near-dated GEX read +40.26, against +51.89 on November 9.

Open Daily Market Recap or the November 11 session. Sign-in and a paid entitlement may be required.

This edition's figures in 45 seconds. The numbers match the tables below.

Did SPX stop at 7,600?

Notes before and just after the open put Wednesday's top near 7,600: one at 7,605, one at a 7,600–7,608 ceiling over a 7,520 floor, others at a 7,600 call wall or at weak resistance at 7,600 with little above it. Here is Wednesday's bar against the structure the session opened with, built after Tuesday's close:

Test app, Symbols · SPXW · Overview, session 2026-11-11. Captured November 12, 2026 (New York time).

Test app, Symbols · SPXW · GEX, session 2026-11-10. Captured November 12, 2026 (New York time).

Not supported. SPX opened 13.30 under 7,600, traded as high as 7,647.20, 47.20 above it and 42.20 above the 7,605 estimate, and closed 19.40 above. The daily bar cannot say when the high printed or whether SPX paused at 7,600 on the way. TradingFlow's map going in sat lower than the notes': Tuesday's build put SPX's call wall at 7,550 and its flip at 7,552.08, so SPX opened 36.70 above the wall, and its low stayed 19.82 above the flip and 51.90 above the 7,520 floor, which was also Tuesday's put wall. A note's 7,700 call wall is not on TradingFlow's map. A note's read that same-day positioning had turned long gamma is Can't tell from TradingFlow: on Tuesday's build, Today · 0DTE is the November 10 expiry, which had already expired. SPY and QQQ did something narrower: both opened under Tuesday's flips, crossed them, and closed just above, by $1.59 and $1.62. Clock: the session's daily bars against the prior-close structure.

The evening rebuild moved SPX's map up to the close. It turned Positive across all expirations, from −$33.66B to +$48.3B, with the put wall on 7,600, the flip at 7,600.61 and the call wall, magnet and 0DTE top on 7,620, 0.60 above the close; 21.5% of SPX's gross GEX sits in the November 11 expiry, which ended at that close. As on November 9, a structure built after the close puts its largest strike where the expiring contracts and the closing price meet, so it describes where the day ended, not why. SPY's and QQQ's all-expirations readings moved to near flip, while all three near-dated rows read Positive. Clock: built at 5:40 PM ET after the session.

Did Wednesday stay inside what options priced?

An overnight note priced Wednesday at 92.2 SPX points, 7,429–7,613; a note at the open put the expected move at ±76, and a note after the open put the day's straddle at ±40. TradingFlow stores each evening's closing chain, so the test is Tuesday's chain, each name's November 11 expiry, against Wednesday's bar:

Test app, Cookbooks · Expected Move · SPXW, session 2026-11-10. Captured November 12, 2026 (New York time); the Ran stamp is the capture machine's clock.

Test app, Symbols · SPY · Overview, session 2026-11-11. Captured November 12, 2026 (New York time).

Not supported for SPX, SPY and QQQ. Each closed above the top of its range, by 23.96, $3.15 and $5.24. Measured close to close, SPX moved 1.32 times half its range on a 1.31% gain, SPY 1.45 times on 1.32%, and QQQ 1.40 times on 2.31%. SPY opened $0.15 above its range and QQQ $2.14 above its own, so only the lower part of each day, down to lows of 754.90 and 683.60, traded back inside. Half of SPX's priced range is 74.51 points, close to the ±76 note. The wider 92.2-point range did not hold either: SPX closed 6.40 above its 7,613 top and traded 34.20 above it. The ±40 straddle is Can't tell from TradingFlow: TradingFlow keeps no intraday chain, and its ranges are one standard deviation, which runs wider than an at-the-money straddle. NVDA closed inside: its high touched $1.33 above the top, and it closed 0.60 times half its range higher. Clock: Tuesday's closing chain and the session's daily bars.

Friday's expiry was priced wider, and Wednesday reached its edge: Tuesday's chain put SPX's November 13 range at 7,394.64–7,647.22, and SPX's high was 0.02 under that top. SPY's high went $0.33 over its own November 13 top, 762.17, and QQQ's $1.71 over 693.89; all three closed inside those three-day ranges.

Did CRWV move more than its options priced for the report?

A note on Tuesday evening listed CRWV's report among the day's priced moves, at ±21.2%, and notes before Wednesday's open had it up more than 13%. CRWV has no Wednesday expiry, so the nearest test is Tuesday's chain for Friday, November 13, three days out:

Test app, Cookbooks · Expected Move · CRWV, session 2026-11-10. Captured November 12, 2026 (New York time); the Ran stamp is the capture machine's clock.

Test app, Symbols · CRWV · Overview, session 2026-11-11. Captured November 12, 2026 (New York time).

Supported. In one session CRWV moved a little more than Tuesday's chain priced it to move by Friday: it closed $1.06 above the top of the three-day range, a 24.85% gain against ±24.6%, and its high reached $2.26 above that top. It opened 14.99% higher, still inside the range and $3.74 under the top, and added the rest during the session. Expected Move takes its at-the-money IV from the near-the-money calls, and on Tuesday's chain CRWV's near-the-money calls carry far higher IVs than the puts at the same strikes, 274.4% against 222.5% at 48.5, so ±24.6% is the wider of the two readings; the puts price a narrower range, which the gain clears by more. The ±21.2% figure itself is Can't tell from TradingFlow, since TradingFlow prices no expiry nearer than Friday's. Then the event premium came out: Wednesday's chain prices the same November 13 expiry at 128.9%, against 271.2% the evening before, and November 20 at 102.6%, against 174.3%; Friday is now priced at ±9.5%. The range centres on 47.95, the option tape's last price on Tuesday, not the 48.70 bar close. Clock: Tuesday's closing chain, the session's daily bar, and Wednesday's closing chain.

The session in numbers

There is no November 10 edition, so the comparisons below are against November 9, two sessions back.

What the recap printed

Test app, session 2026-11-11, KPI. Captured November 12, 2026 (New York time).

Sentiment bars: Neutral $11.3B, Bullish $4.1B, Bearish $3.8B.

Test app, session 2026-11-11, Step 1. Captured November 12, 2026 (New York time).

What changed since November 9

Premium was 20% lower than on November 9 while calls took seven more points of it, 64%. The lean narrowed from four points to one: Bullish premium fell from $5.6B to $4.1B, Bearish from $4.5B to $3.8B and Neutral from $13.9B to $11.3B. The first half hour carried $2.8B, against $3.8B on November 9.

Leaders: where premium concentrated

Test app, session 2026-11-11, Step 2. Captured November 12, 2026 (New York time).

MU was the only one of the fifteen names in Step 2 with more put than call premium, against four on November 9. NVDA fell from $3.9B to $2.1B and stayed Mixed. AMD carried three quarters of its premium in calls and was tagged Bearish again. CRWV was eleventh at $353M, Mixed.

Test app, session 2026-11-11, Bottom line / glance. Captured November 12, 2026 (New York time).

Largest tickets across the session

Test app, Cookbooks · Biggest Options Trades, session 2026-11-11. Captured November 12, 2026 (New York time); the Ran stamp is the capture machine's clock.

The largest ticket was an AMD 590 call, 100 days out, at $72.10M Neutral at 11:58; at the same minute AMD printed a 650 call with the same 100 days at $47.40M Neutral. MU's 880 call, also 100 days out, was second at $62.50M. MSFT took five of the 25 rows, all calls, at the 570, 595, 525 and 420 strikes, the two 420s nine days out, for $139.37M between them. Five of the 25 were puts, against nine on November 9. One row is one print, not a position, and the tape does not link rows, so these do not show one structure.

Exposure and volatility context

The glance lists NVDA +3M shares-equiv. as largest Net DEX and WULF 6.2% as largest Net DEI magnitude; Step 4 prints WULF at 6.2% with a Negative Net DEX sign, and the next name, TTWO, at 5.0%. On November 9 the largest Net DEI was TGT at 177.5%, Positive.

Notes on Wednesday also said implied vol kept falling, while NVDA's near-term vol stayed elevated before its report. Each evening's chain shows the fall across the board, comparing the same expiry across Tuesday and Wednesday:

Supported. All ten readings fell: SPX by 4.9 and 3.2 points, SPY by 1.8 and 1.8, QQQ by 6.3 and 3.2, and NVDA by 10.1 and 5.1. NVDA's November 18 expiry, the first after the November 17 earnings date its Overview lists, fell less, from 88.8% to 85.3%, and still sits above its November 13 expiry. Wednesday's chain prices Thursday's expiry at SPX ±0.7%, SPY ±0.9% and QQQ ±1.3%. Clock: each evening's closing chain, so this cannot say when during the day the vol came off.

Step 5 names DELL at 67 / 100 with 81.5% 30-day implied volatility. Wednesday's chain prices DELL's December 11 expiry, 30 days out, at 89.2% and December 18 at 82.7%, so the stored reading sits a little under both. AVGO is second at 53 and MRVL third at 49, while CRWV's rank is 32.

Index GEX: five rows Positive

Test app, session 2026-11-11, Step 6 · T+1. Captured November 12, 2026 (New York time).

Against November 9, SPX moved from +51.89 to +40.26, QQQ from +3.17 to +1.6 and IWM from +1.11 to +0.39, while SPY rose from +0.87 to +4.31 and NDX turned from −0.17 to +1.35. DIA printed 0 both times, labelled Negative now and Positive then. The all-expirations figures differ: SPX read +$48.3B Positive, while SPY and QQQ were near flip at −$249.15M and −$1.21B.

Since October 30, SPX has gone −98.98, −44.76, −36.56, +36.11, −41.53, −57.04, +51.89 and, after the unpublished November 10, +40.26; QQQ −12.7, −3.45, +4.6, −0.54, −2.8, −0.96, +3.17 and +1.6.

Headline name: MU at $812

Test app, session 2026-11-11, Step 8. Captured November 12, 2026 (New York time).

Cards: last $812, premium $3.5B, 48% calls, 17% bullish, 93% average IV on traded contracts. On November 9 MU was second with $2.4B, Bullish.

Test app, session 2026-11-11, Step 8 · prints. Captured November 12, 2026 (New York time).

Three of the four largest tickets printed at 12:37, calls at 880 and 1,220 in February and at 950 in December; two more printed at 10:17, at 820 and 910 in December. Four puts at the 1,850 to 2,300 strikes in December 2028 printed at 12:08, far above an $812 stock. The tape does not link those rows, so they do not show one structure.

Movers: BGS +20.2%

Test app, session 2026-11-11, Step 7. Captured November 12, 2026 (New York time).

The largest gain was BGS, +20.2% in the bottom line and 20.2% in Step 7 (Up). November 9's was FRVO +27.8%. The longest bar on the down side of Step 7's chart is TWST.

What this session is evidence of

How to read these numbers

This edition reads TradingFlow's Daily Market Recap for November 11, 2026, captured on November 12 (New York time), after the session's 5:40 PM ET structure build. Runs at 2:51 AM and 3:08 AM New York time printed the same figures. It is a completed-session report, not a trade recommendation.

Two clocks apply. Premium, sentiment, and prints describe the session tape; GEX and IV are T+1 / prior-close snapshots, not a live intraday gamma map. Step 6 sums each index's near-dated chain, expiries out to seven days and strikes within 7% of spot, so it is not the all-expirations figure on a symbol's GEX page, and the two can carry opposite signs, as SPY's and QQQ's do here. Neutral premium supplies no direction, and call share is option type, not bullish sentiment. Net DEI is a magnitude relative to typical activity; Net DEX is a separate signed classification. GEX is modeled chain structure under TradingFlow's dealer-sign convention, not observed dealer inventory, a support level, or the next session's direction. Ticket tags do not prove who bought or sold or whether a position opened, and intraday_pct is a first-to-last underlying-price proxy from the option tape, not a verified daily return.

Expected Move is one standard deviation, spot × at-the-money IV × √(days to expiry / 365), so about one close in three lands outside the range even when vol is realised as priced. Each range is centred on the session's last underlying price in the option tape, which can differ from the daily bar's close: QQQ's centres on 674.04 against a 674.80 close, CRWV's on 47.95 against 48.70. The multiples here divide the close-to-close change by half the range and are rounded.

A structure built after the close still counts the contracts expiring that day: Today · 0DTE on Wednesday's build is the November 11 expiry, which is 21.5% of SPX's all-expirations gross GEX. Thursday's own expiry is a separate 1DTE row in the Expiry structure panel. All-expirations walls can sit on the strike those contracts crowd.

TradingFlow's SPXW and SPY daily bars for November 11 agree, with ranges of 0.99% and 1.00% of the close, so this edition quotes SPX's high and low directly.

A ticket's feed tag reads the quote side: Bullish is a call bought at the ask or a put sold at the bid, Bearish the reverse.

Reproduce the findings

1. Open the November 11 recap; confirm Nov 11, 2026 in the session KPI.
2. Open the November 9 recap beside it and compare the KPI strip, leaders, and all six index GEX rows.
3. Open the Overview and GEX tabs for November 10 for SPXW, SPY and QQQ, read each wall and flip, then open the Overview for November 11 for SPXW, SPY and QQQ and compare Wednesday's bar.
4. Open Expected Move for November 10 with SPXW, SPY, QQQ and NVDA, and compare each 11/11 row with Wednesday's bar. Open it for November 11 to compare the 11/13 and 11/20 rows across the two evenings.
5. Open Expected Move for CRWV on November 10 and November 11, its November 10 chain at the 11/13 expiry, and its November 11 Overview.
6. Open Biggest Options Trades for November 11 and read the largest single tickets.
7. Compare MU's headline cards and largest tickets.

TradingFlow App Home → Cookbooks → Daily Market Recap → select the completed session.

Related reading

• November 9 recap
• November 6 recap
• Daily Market Recap in Cookbooks
• Option flow · Gamma exposure · IV rank