November 4 Recap: SPX GEX Turns +$36.11B While SPY Closes on Its Gamma Flip

SPY closed at 766.80 on November 4, $0.19 above the 766.61 gamma flip in the structure built after Tuesday's close, and SPX's near-dated net GEX in the recap's index table went from −36.56B to +36.11B, its first Positive row since October 28. Single-name premium rose 51%, from $14.4B to $21.7B, and the tape stayed balanced.

$21.7B, 58% calls, 22% bullish versus 22% bearish. MU led at $2.6B Bullish; QQQ was the only Negative index row.

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

Did SPY close on its gamma flip while SPX turned positive?

Notes disagreed on the regime after the midterm vote. Some still read SPX and SPY as short gamma going into the open. Others said the overnight gap had moved them into positive gamma, with SPY's flip and magnet around 767–768 and SPX's flip near 7,600. TradingFlow's pages for the session:

Test app, Symbols · SPY · Overview, session 2026-11-04. Captured November 5, 2026 (New York time).

The map going into the session was the structure built after November 3's close:

Test app, Symbols · SPY · GEX, session 2026-11-03. Captured November 5, 2026 (New York time).

Test app, Symbols · SPXW · GEX, session 2026-11-04. Captured November 5, 2026 (New York time).

Supported. SPY closed $0.19 above the flip in Tuesday's structure and $1.09 under the rebuilt one, and its page reads "Near flip". SPX closed 84.58 points above Tuesday's flip, 24.24 above the rebuilt one and 1.40 under the 7,690 call wall, and its all-expirations net GEX swung from −$43.3B to +$50.8B. SPY did not sit on the flip all day: it opened at 763.00 and traded to 775.60, $5.60 above the 770 level some notes called a ceiling, before closing $3.20 under it. Clock: closes and SPY's bar are the session's daily bars; the Nov 3 column is the prior-close structure the session opened with; the Nov 4 column was built after the session.

Did QQQ stay short gamma, and inside what options priced?

Morning notes kept QQQ in negative gamma after SPY's gap, put its flip far above price near 718, and said it sat well inside the day's priced move while SPY ran just outside it.

Test app, Symbols · QQQ · GEX, session 2026-11-04. Captured November 5, 2026 (New York time).

What the Nov 4 expiry priced, from Tuesday's chain, against where each name closed:

Test app, Cookbooks · Expected Move · QQQ, session 2026-11-03. Captured November 5, 2026 (New York time); the Ran stamp is the capture machine's clock.

Partly supported. QQQ ended as the only Negative row and closed well inside its range; even its high of 701.50 stayed $0.54 under the top. Its flip was far above price both evenings: $28.54 on Tuesday and $14.14 on Wednesday, though at 713.84 and 706.14 rather than 718. TradingFlow did not have QQQ short gamma on Tuesday, however: all expirations read +$312.7M, "Near flip", and the near-dated row read +4.6 Positive. It turned negative in Wednesday's structure rather than staying negative. A note that QQQ would stay pinned under 690 did not hold either: the low was 687.90 and the close 692.00. Clock: the ranges are Tuesday's closing chain, the closes are daily bars, and the Nov 4 structure was built after the session.

Did AMD's report move reach what its options priced?

AMD reported after Tuesday's close. Overnight notes said its after-hours gain was closing in on the move its options had priced.

Test app, Cookbooks · Expected Move · AMD, session 2026-11-03. Captured November 5, 2026 (New York time); the Ran stamp is the capture machine's clock.

Test app, Symbols · AMD · Overview, session 2026-11-04. Captured November 5, 2026 (New York time).

Not supported in the regular session. AMD's high stopped $15.59 under the top of the priced range, and it closed up 1.0%, about a tenth of the ±9.5%. TradingFlow's daily bars do not hold after-hours prices, so this edition cannot check the overnight reading itself. SMCI, which reported the same evening, closed down 5.7% at 29.60 from 31.40, inside the $25.81–$37.05 range of its nearest listed expiry, November 6. Clock: Tuesday's closing chain and the session's daily bars.

The session in numbers

What the recap printed

Test app, session 2026-11-04, KPI. Captured November 5, 2026 (New York time).

Sentiment bars: Neutral $12.0B, Bullish $4.8B, Bearish $4.8B.

Test app, session 2026-11-04, Step 1. Captured November 5, 2026 (New York time).

What changed since November 3

Premium grew by half and calls gained six points of share, yet the directional shares both slipped and tied at 22%, so most of the added premium landed in the Neutral bucket: $12.0B against $7.7B. MU's premium almost doubled, and its largest ticket grew from a $5M put to a $27M call.

Leaders: where premium concentrated

Test app, session 2026-11-04, Step 2. Captured November 5, 2026 (New York time).

MU and SNDK were tagged Bullish with more put than call premium. AMD, the only Bullish name in the top six on November 3, turned Mixed, and AAPL went from Bearish to Mixed. TSLA rose from sixth at $607M to second at $1.1B.

Test app, session 2026-11-04, Bottom line / glance. Captured November 5, 2026 (New York time).

Exposure and volatility context

The glance lists DAL +2M shares-equiv. as largest Net DEX and DAL 36% as largest Net DEI magnitude; Step 4 prints DAL at 36.0%, with a Positive Net DEX sign. On November 3 the largest Net DEI was RDDT at 7.0%, also Positive.

Morning notes also said event vol collapsed once the vote was counted. Each evening's chain agrees. The same expiry, one day apart:

The nearest expiry's priced move narrowed as well: SPX ±1.5% to ±1.0%, SPY ±1.4% to ±0.8%, QQQ ±2.4% to ±1.6%.

Step 5 names CRWV at 100 / 100 with 132.0% 30-day implied volatility, after a 9.9% one-day drop to 48.40. That evening's chain prices CRWV's 30-day expiry at 117.6%, against 112.2% for the same expiry a day earlier. The stored 30-day reading and its rank look overstated, as stored readings can after a large move, so this edition does not use them or compare other names' ranks across the day.

Index GEX: SPX turns +36.11B, QQQ the only Negative row

Test app, session 2026-11-04, Step 6 · T+1. Captured November 5, 2026 (New York time).

SPX rose 72.67B, from −36.56 to +36.11, its first Positive row since October 28 (+22.53). SPY (−1.47 to +3.37), NDX (−1.08 to +0.58) and IWM (−0.39 to +0.6) also turned Positive, and DIA went from a Negative reading that rounded to 0 to +0.13. QQQ went the other way, down 5.14B from +4.6 to −0.54, so NDX and QQQ, which track one index, landed on opposite signs.

Since October 30, SPX has gone −98.98, −44.76, −36.56, +36.11 and QQQ −12.7, −3.45, +4.6, −0.54.

Headline name: MU at $795

Test app, session 2026-11-04, Step 8. Captured November 5, 2026 (New York time).

Cards: last $795, premium $2.6B, 44% calls, 23% bullish, 93% average IV on traded contracts. On November 3 the cards read $855, $1.4B, 48% calls, 20% bullish, and 85%.

Test app, session 2026-11-04, Step 8 · prints. Captured November 5, 2026 (New York time).

The largest MU tickets were a pair of $27M calls at 10:55, the 750 and the 760 expiring 2028-12-15, both tagged Neutral. Three 700 calls for 2027-01-15 printed at 15:29, $65M together. Of the twelve largest tickets, seven were calls and five puts, against four and eight on November 3, and ten of the twelve again expire in 2027 or later.

Movers: YOU +16%

Test app, session 2026-11-04, Step 7. Captured November 5, 2026 (New York time).

The largest gain was YOU, +16% in the bottom line and 16.0% in Step 7 (Up). November 3's was ARRY +20.8%. The longest bar on the down side of Step 7's chart is KURA.

What this session is evidence of

How to read these numbers

This edition reads TradingFlow's Daily Market Recap for November 4, 2026, captured on November 5 (New York time). Three runs between 11:43 AM and 12:01 PM 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 its window rolls forward every session. 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, and a close just past it is not a large surprise. Each at-the-money IV here comes from that evening's chain. TradingFlow's SPXW daily bar for November 4 opens at its low and spans 1.05% against SPY's 1.70%, so this edition quotes SPX's close only.

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 4 recap; confirm Nov 4, 2026 in the session KPI.
2. Open the November 3 recap beside it and compare the KPI strip, leaders, and all six index GEX rows.
3. Open SPY's GEX tab for November 3 and SPY for November 4, and compare the close with both flips. Do the same for SPXW.
4. Open QQQ's GEX tab for November 3 and for November 4, and compare net GEX and the flip.
5. Open Expected Move for November 3 with SPXW, SPY, QQQ and AMD, and compare the 11/04 row with each November 4 close. Open it for November 4 to compare the 11/06 row across the two evenings.
6. Open AMD and compare the high and close with the priced range.
7. Compare MU's headline cards and largest tickets on both days.

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

Related reading

• November 3 recap
• November 2 recap
• Daily Market Recap in Cookbooks
• Option flow · Gamma exposure · IV rank