November 5 Recap: SPY Breaks Its 750 Put Wall and Falls Over Five Times Its Priced Move

SPY closed at 733.00 on November 5, $17.00 under the 750 put wall in the structure built after Wednesday's close, and its fall was about 5.3 times the one-day move its options had priced. SPX fell 4.36% and QQQ 6.50%. Single-name premium more than doubled, from $21.7B to $44.1B, and all six index rows read Negative: SPX was −41.53B in the recap's near-dated table and −$70.4B across all expirations.

$44.1B, 34% calls, 24% bullish versus 25% bearish. MU led at $6.2B Bullish; no index row stayed Positive.

Open Daily Market Recap or the November 5 session. Sign-in and a paid entitlement may be required.

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

Did SPY's 750 put wall hold?

Morning notes had SPY sitting on a flip near 768, with the largest strike just above it at 770, and marked 750 as the put wall and the downside pivot if price lost the flip. The map going into the session was the structure built after Wednesday's close:

Test app, Symbols · SPY · GEX, session 2026-11-04. Captured November 6, 2026 (New York time).

Test app, Symbols · SPY · Overview, session 2026-11-05. Captured November 6, 2026 (New York time).

Not supported. TradingFlow had the same level, a put wall at 750, and SPY went through it: the low was 732.70 and the close 733.00, $17.00 under the wall. It never got back to the flip either. SPY opened at 765.50, $2.39 under 767.89, and its high of 766.00 stopped $1.89 short. The Today · 0DTE view of Wednesday's structure read +$1.6B Positive with a 767.81 flip, so the same-day scope was still positive going in. The structure then rebuilt around the new price, with the put wall at 730 and net GEX at −$20.6B. That later wall was built after the fall, so it says nothing about what held. Clock: closes and SPY's bar are the session's daily bars; the Nov 4 column is the prior-close structure the session opened with; the Nov 5 column was built after the session. A daily bar cannot say when SPY crossed 750.

Did SPX, SPY and QQQ fall further than options priced?

Notes in the first half hour said SPX had already run through the move options priced for the day. Wednesday's closing chain, each name's nearest expiry, against where it closed:

Test app, Cookbooks · Expected Move · SPY, session 2026-11-04. Captured November 6, 2026 (New York time); the Ran stamp is the capture machine's clock.

Test app, Cookbooks · Expected Move · AMD, session 2026-11-04. Captured November 6, 2026 (New York time); the Ran stamp is the capture machine's clock.

Supported. Against half the range's width, SPX's close-to-close fall was about 4.5 times the priced move, SPY's 5.3 times and QQQ's 4.2 times. All three opened inside the range, at 7,678.70, 765.50 and 683.10, so the break came in regular hours, and each closed at or next to its low: SPX 3.30 above it, SPY $0.30 above it, and QQQ on it at 647.00. AMD and NVDA have no November 5 expiry on Wednesday's chain, so their nearest row is November 6, and each went through a two-day range in one day, about 2.4 and 2.2 times. AMD opened at 452.50, already $1.36 under its range, while NVDA opened inside its range at 196.10. Clock: Wednesday's closing chain and the session's daily bars.

How far under their flips did SPY, SPX and QQQ close?

Overnight maps put both SPY and QQQ in negative gamma, with SPY's flip about 28 points above spot and QQQ's about 38.

Test app, Symbols · SPXW · GEX, session 2026-11-05. Captured November 6, 2026 (New York time).

Test app, Symbols · QQQ · GEX, session 2026-11-05. Captured November 6, 2026 (New York time).

Partly supported. All three read Negative at every scope here, and SPY's gap is close to the overnight figure: $30.25 against about 28. QQQ's is wider, $50.61 against about 38. Only QQQ was already Negative in Wednesday's structure. Each close sat just above its rebuilt put wall, by $3.00, 3.70 and $2.00, but those walls were built after the fall, so they mark where put open interest now sits, not a floor. Clock: the Nov 5 structure was built at 5:40 PM ET after the session and is what the November 6 session opened with.

The session in numbers

What the recap printed

Test app, session 2026-11-05, KPI. Captured November 6, 2026 (New York time).

Sentiment bars: Neutral $22.4B, Bearish $10.9B, Bullish $10.8B.

Test app, session 2026-11-05, Step 1. Captured November 6, 2026 (New York time).

What changed since November 4

Premium more than doubled, to the largest total in any edition of this digest; the previous high was $27.1B on October 15. Calls lost 24 points of share, yet tone stayed balanced at 24% bullish versus 25% bearish. Both can be true because the tag reads the quote side, and a put sold at the bid counts as Bullish, so balanced describes tickets, not the index. Bullish premium rose from $4.8B to $10.8B, Bearish from $4.8B to $10.9B, and Neutral from $12.0B to $22.4B.

Leaders: where premium concentrated

Test app, session 2026-11-05, Step 2. Captured November 6, 2026 (New York time).

Fourteen of the fifteen names in Step 2 carried more put than call premium; META, with $535M of calls against $453M of puts, was the exception. NVDA rose from fourth at $1.0B to second at $3.7B and went from Mixed to Bearish. SNDK moved from Bullish to Mixed, and INTC entered the top six tagged Bullish with $1.4B of puts against $196M of calls.

Test app, session 2026-11-05, Bottom line / glance. Captured November 6, 2026 (New York time).

Largest tickets across the session

Test app, Cookbooks · Biggest Options Trades, session 2026-11-05. Captured November 6, 2026 (New York time); the Ran stamp is the capture machine's clock.

The two largest single-name tickets were an NVDA 340 put, 407 days out, at $82.98M Bearish, and an MRVL 220 put, 15 days out, at $80.43M Bullish. Twenty-three of the 25 largest were puts, and 19 of the 25 printed between 15:09 and 15:32. NVDA's 340 put was $158.40 in the money at the 181.60 close, and a put that deep is mostly intrinsic value, which is why one ticket can carry so many dollars. One row is one print, not a position.

Exposure and volatility context

The glance lists PFE +8M shares-equiv. as largest Net DEX and SIRI 69.3% as largest Net DEI magnitude; Step 4 prints SIRI at 69.3%, with a Negative Net DEX sign, and PFE at 24.4%. On November 4 the largest Net DEI was DAL at 36.0%, Positive.

Overnight notes also said volatility had jumped back after falling on Wednesday. TradingFlow's views here do not include the VIX, but each evening's chain agrees for these names. The same expiry, three evenings running:

That expiry had one day left by Thursday evening, so November 20 is the steadier read, Wednesday's chain against Thursday's: SPX 14.4% to 22.5%, SPY 14.2% to 23.9%, QQQ 23.7% to 37.2%, AMD 65.1% to 85.2%, and NVDA 52.9% to 75.1%. The nearest expiry's priced move widened as well: SPX ±1.0% to ±1.5%, SPY ±0.8% to ±1.8%, QQQ ±1.6% to ±2.8%.

Step 5 names APP at 100 / 100 with 119.8% 30-day implied volatility, after a 31.0% one-day gain to 356.10. That evening's chain prices APP's 29-day expiry at 62.0%, while a day earlier the stored 86.8% sat within a point of the chain's 30-day expiry at 86.0%. This is a faulty stored reading, which can happen after a large move, so this edition does not use it or compare other names' ranks across the day.

Index GEX: every row Negative

Test app, session 2026-11-05, Step 6 · T+1. Captured November 6, 2026 (New York time).

SPX fell 77.64B, from +36.11 to −41.53, one session after turning Positive. SPY (+3.37 to −7.13), NDX (+0.58 to −1.13), IWM (+0.6 to −1.02) and DIA (+0.13 to −0.04) also turned Negative. QQQ fell further, from −0.54 to −2.8, so NDX and QQQ, which track one index, are back on the same sign.

Since October 30, SPX has gone −98.98, −44.76, −36.56, +36.11, −41.53 and QQQ −12.7, −3.45, +4.6, −0.54, −2.8.

Headline name: MU at $659

Test app, session 2026-11-05, Step 8. Captured November 6, 2026 (New York time).

Cards: last $659, premium $6.2B, 32% calls, 25% bullish, 122% average IV on traded contracts. On November 4 the cards read $795, $2.6B, 44% calls, 23% bullish, and 93%.

Test app, session 2026-11-05, Step 8 · prints. Captured November 6, 2026 (New York time).

Of the twelve largest tickets, eleven were puts and one a call, against five and seven on November 4. Nine of the puts printed at 15:22, all tagged Bullish, at strikes from 1,300 to 2,160, about two to three times the $659 last, and together they carry $289M. The tape does not link those rows, so they do not show one structure.

Movers: DNUT +29.5%

Test app, session 2026-11-05, Step 7. Captured November 6, 2026 (New York time).

The largest gain was DNUT, +29.5% in the bottom line and 29.5% in Step 7 (Up). November 4's was YOU +16%. The longest bar on the down side of Step 7's chart is NUAI.

What this session is evidence of

How to read these numbers

This edition reads TradingFlow's Daily Market Recap for November 5, 2026, captured on November 6 (New York time). Runs at 11:41 and 11:49 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 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. Thursday's closes were several times that distance away, and the multiples here are rounded. Each at-the-money IV comes from that evening's chain. TradingFlow's SPXW daily bar for November 5 spans 4.30% of the prior close against SPY's 4.34%, so this edition quotes it in full.

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 5 recap; confirm Nov 5, 2026 in the session KPI.
2. Open the November 4 recap beside it and compare the KPI strip, leaders, and all six index GEX rows.
3. Open SPY's GEX tab for November 4 and SPY for November 5, and compare the 750 put wall and the flip with the session's bar.
4. Open Expected Move for November 4 with SPXW, SPY, QQQ, AMD and NVDA, and compare each nearest row with the November 5 close. Open it for November 5 to compare the 11/06 and 11/20 rows across the two evenings.
5. Open the GEX tabs for SPXW and QQQ for November 5, and compare the close with the flip and put wall.
6. Open Biggest Options Trades for November 5 and read the largest single tickets.
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 4 recap
• November 3 recap
• Daily Market Recap in Cookbooks
• Option flow · Gamma exposure · IV rank