November 9 Recap: SPY Beats Its Priced Move, Then Closes Just Under Friday's Flip

SPY rose $17.40 on November 9 to close at 752.70, about 1.5 times the move Friday's chain priced for the day, and SPX and QQQ went past theirs too. All three then closed just under the gamma flips built on Friday: SPY by $1.56, SPX by 3.01 points and QQQ by $2.74. NVDA fell 4.23% on a day AMD rose 13.27%. Single-name premium rose from $21.3B to $24.0B, and the recap's near-dated index table turned Positive: SPX read +51.89B there and +$44.6B across all expirations, with 45.7% of the gross GEX behind it in the expiry that ended at Monday's close.

$24.0B, 57% calls, 23% bullish versus 19% bearish. NVDA led at $3.9B Mixed; SPX's near-dated GEX went from −57.04B to +51.89B.

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

Did Monday stay inside what options priced?

Weekend notes said Monday was priced for an unusually large day, about 119 points of SPX, larger than most sessions of the past three months. A morning note put the day's straddle near ±95 points, and others put the week's range near ±190 with a top near 7,567. TradingFlow stores each evening's closing chain, so the test is Friday's chain, each name's November 9 expiry, against Monday's bar:

Test app, Cookbooks · Expected Move · SPXW, session 2026-11-06. Captured November 10, 2026 (New York time); the Ran stamp is the capture machine's clock.

Test app, Symbols · SPY · Overview, session 2026-11-09. Captured November 10, 2026 (New York time).

Not supported. The day was priced large and moved larger. Half of SPX's priced range on Friday's chain is 120.14 points, close to the weekend notes' 119, and SPX closed 173.00 points higher, 2.35%. SPY closed 2.37% higher and QQQ 3.55%, each about one and a half times its priced move, and AMD nearly twice its own. NVDA went the other way: it opened $5.24 under the bottom of its range and climbed back to close $0.36 inside.

The week was priced wider. Friday's chain puts SPX's November 13 expiry at ±3.2%, 7,143.48–7,610.24, and Monday alone used 74% of that half-range, closing 60.34 under the top. SPY used 74% of its own and QQQ 72%. The morning ±95 and the ±190 week are 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. Clock: Friday's closing chain and the session's daily bars, which cannot say when the high printed.

Did SPX, SPY and QQQ get back above their gamma flips?

Notes before the open and in the first hour said SPY was above its flip, at 745.34 in one note and 738.18 in another, put SPY's put wall at 746 and a magnet at 750, and said QQQ's regime had flipped positive above a zero-gamma line at 656.63. A weekend note put SPX's flip at 7,625, and notes during the morning capped SPX at 7,540–7,550 or 7,600–7,620. Here are Monday's closes against the structure the session opened with, built on Friday and published in the November 6 edition:

Partly supported. SPY and QQQ got above the flips Friday's structure had set, SPY's high by $1.14 and QQQ's by $0.36, but none of the three closed above: SPX closed 3.01 points short, within the 7,540–7,550 zone one note called a ceiling. SPX's daily bar opens at its own low, so this edition does not quote its high or say whether it traded through that zone. The notes' lower flips, 745.34, 738.18 and 656.63, and their positive reading at the open are Can't tell from TradingFlow: the map the session opened with read Negative in both of TradingFlow's scopes, and on Friday's build Today · 0DTE is the November 6 expiry, which had already expired, so the app prints no flip for Monday's expiry alone. Clock: the session's daily bars against the prior-close structure.

Test app, Symbols · SPXW · GEX, session 2026-11-09. Captured November 10, 2026 (New York time).

Test app, Symbols · QQQ · Overview, session 2026-11-09. Captured November 10, 2026 (New York time).

The evening rebuild turned SPX Positive across all expirations, from −$83.1B to +$44.59B, with the close 7.48 above a flip that moved down to 7,542.42. Nearly half of the structure behind it sits in one expiry: 45.7% of SPX's gross GEX is in the November 9 contracts, which expired at that close, and the call wall, magnet and 0DTE top all sit on 7,550, 0.10 above the close, with 40.0% of the selected range's gross GEX on that one strike. So a note asking why SPX closed almost exactly on 7,550 gets no answer here: a structure built after the close puts its largest strike where the expiring contracts and the closing price meet, which describes where the day ended, not why. SPY's all-expirations reading stayed Negative and narrowed from −$14.6B to −$6.26B, and QQQ's moved to near flip, while all three near-dated rows read Positive. Clock: built at 5:40 PM ET after the session.

Did NVDA's options lean bearish as it fell?

Notes before and after the open said put buyers had been paid, that NVDA was still in negative gamma with its delta exposure getting more negative, while others saw call-side activity and said NVDA lagged a chip rally. TradingFlow's tape for the day:

Test app, Symbols · NVDA · Overview, session 2026-11-09. Captured November 10, 2026 (New York time).

Test app, Cookbooks · Expected Move · NVDA, session 2026-11-06. Captured November 10, 2026 (New York time); the Ran stamp is the capture machine's clock.

Not supported. TradingFlow tags NVDA's day Mixed, with $2.0B of call premium against $1.9B of puts, 52% calls and 22% of its premium Bullish. Of its twelve largest tickets, eight are tagged Neutral, six of them calls; three are puts tagged Bullish, which reads as puts sold at the bid; and one, a $16M March 170 put at 12:01, is tagged Bearish. The four largest are calls in February and March 2027, at the 195 and 210 strikes, printed at 09:39 and 09:45 and carrying $172.04M between them in Biggest Options Trades. The tape does not link those rows, so they do not show one structure. The negative-gamma read is Can't tell from TradingFlow for the open, because TradingFlow did not serve Friday's NVDA structure when this edition was captured; the structure built after Monday's close reads −$329.08M, Negative, with the close $5.91 under its flip. AMD's flow, by contrast, was tagged Bearish on a day it rose 13.27%. Clock: the session tape and daily bars; the GEX rows were built after the close.

The session in numbers

What the recap printed

Test app, session 2026-11-09, KPI. Captured November 10, 2026 (New York time).

Sentiment bars: Neutral $13.9B, Bullish $5.6B, Bearish $4.5B.

Test app, session 2026-11-09, Step 1. Captured November 10, 2026 (New York time).

What changed since November 6

Premium rose 13% and calls took 11 more points of it, a majority again after 34% on November 5 and 46% on November 6. The bullish share held at 23% while the bearish share fell three points, so the lean widened from one point to four. Bullish premium rose from $4.9B to $5.6B, Neutral from $11.8B to $13.9B, and Bearish fell from $4.7B to $4.5B. The first half hour carried $3.8B, against $2.8B on Friday.

Leaders: where premium concentrated

Test app, session 2026-11-09, Step 2. Captured November 10, 2026 (New York time).

Four of the fifteen names in Step 2 carried more put than call premium, MU, INTC, SNDK and BA, against six on November 6. MU fell from $3.4B to $2.4B and stayed Bullish with two thirds of its premium in puts. TGT was third, with $1.8B of calls against $11M of puts.

Test app, session 2026-11-09, Bottom line / glance. Captured November 10, 2026 (New York time).

Largest tickets across the session

Test app, Cookbooks · Biggest Options Trades, session 2026-11-09. Captured November 10, 2026 (New York time); the Ran stamp is the capture machine's clock.

The largest ticket was an INTC 50 call, 102 days out, at $71.55M Bullish at 13:10. At 15:17, AMD printed a 510 call at $69.79M Bearish and a 590 call at $48.07M Bullish, both 102 days out, and TGT printed five calls, 67 days out, at the 80 and 85 strikes: $58.67M, $50.37M and $29.33M Bullish and $52.80M and $46.13M Neutral. Those five carry $237.30M, about 13% of TGT's call premium. Nine of the 25 largest were puts, against fifteen on November 6. 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 TGT +6M shares-equiv. as largest Net DEX and TGT 177.5% as largest Net DEI magnitude; Step 4 prints TGT at 177.5% with a Positive Net DEX sign, and the next name, KLAC, at 4.9%. On November 6 the largest Net DEI was BX at 20.9%, Negative.

Notes on Monday also said implied vol was crushed as the index rallied. Each evening's chain agrees for the index products, comparing the same expiry across Friday and Monday:

Supported for SPX, SPY and QQQ, whose six readings fell between 3.9 and 5.0 points. Not for NVDA: both of its expiries rose, by 7.4 and 4.9 points, on the day it fell, and the Overview lists its earnings date as November 17, which the November 18 and 20 expiries span. AMD's November 13 expiry rose 3.1 points and its November 20 fell 2.5. Monday's chain prices Tuesday's expiry at SPX ±1.1%, SPY ±1.1% and QQQ ±1.6%. Clock: each evening's closing chain, so this cannot say when during the day the vol came off.

Step 5 names CRWV at 83 / 100 with 121.2% 30-day implied volatility. Monday's chain prices CRWV's December 4 expiry at 122.5% and December 11 at 118.5%, so the stored reading sits between the two expiries either side of 30 days, and this edition quotes it. The chain also prices the November 13 expiry at 215.5%, ±22.6%, so the 30-day reading carries an event inside the week. TGT is second at 81 and DELL third at 80.

Index GEX: SPX, QQQ, IWM and SPY Positive

Test app, session 2026-11-09, Step 6 · T+1. Captured November 10, 2026 (New York time).

SPX moved by 108.93B, from −57.04 to +51.89. QQQ went from −0.96 to +3.17, IWM from −0.4 to +1.11 and SPY from −3.09 to +0.87, while NDX narrowed from −0.45 to −0.17 and stayed Negative. DIA printed 0, from −0.15. The all-expirations figures did not all follow: SPX went from −$83.1B to +$44.59B, while SPY stayed Negative at −$6.26B and QQQ read −$84.1M, near flip.

Since October 30, SPX has gone −98.98, −44.76, −36.56, +36.11, −41.53, −57.04, +51.89 and QQQ −12.7, −3.45, +4.6, −0.54, −2.8, −0.96, +3.17.

Headline name: NVDA at $179

Test app, session 2026-11-09, Step 8. Captured November 10, 2026 (New York time).

Cards: last $179, premium $3.9B, 52% calls, 22% bullish, 82% average IV on traded contracts. The daily bar closed at 178.70. On November 6 NVDA was second with $1.7B, Mixed.

Test app, session 2026-11-09, Step 8 · prints. Captured November 10, 2026 (New York time).

Eight of the twelve largest tickets printed between 09:38 and 09:45, and all twelve sit in 2027 or later. The 195 and 210 calls repeat across the February and March expiries six minutes apart, but the tape does not link those rows, so they do not show a roll.

Movers: FRVO +27.8%

Test app, session 2026-11-09, Step 7. Captured November 10, 2026 (New York time).

The largest gain was FRVO, +27.8% in the bottom line and 27.8% in Step 7 (Up). November 6's was GOGO +74.3%. The longest bar on the down side of Step 7's chart is ABEO.

What this session is evidence of

How to read these numbers

This edition reads TradingFlow's Daily Market Recap for November 9, 2026, captured on November 10 (New York time). Five runs between 11:47 AM and 12:13 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 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 that evening's chain spot, which can differ from the daily bar's close: SPY's Friday bar closed at 735.30 and its range centres on 735.55. The multiples here are rounded.

A structure built after the close still counts the contracts expiring that day: Today · 0DTE on Monday's build is the November 9 expiry, which is 45.7% of SPX's all-expirations gross GEX. Tuesday'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 daily bar for November 9 opens at its own low, 7,422.20, while SPY's low sits $1.00 under its open, so this edition quotes SPX's close only and takes the day's high and low from SPY. The November 6 structure figures are those published in the November 6 edition.

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 9 recap; confirm Nov 9, 2026 in the session KPI.
2. Open the November 6 recap beside it and compare the KPI strip, leaders, and all six index GEX rows.
3. Open Expected Move for November 6 with SPXW, SPY, QQQ, AMD and NVDA, and compare each 11/09 row with Monday's bar. Open it for November 9 to compare the 11/13 and 11/20 rows across the two evenings.
4. Open the Overview for SPY, SPXW, QQQ, NVDA and AMD for November 9, and read each session's bar against the one before it.
5. Open the GEX tabs for SPY, SPXW and QQQ for November 6 and read each flip. Then open the same tabs for SPY, SPXW and QQQ for November 9 and read each horizon's share of gross GEX.
6. Open Biggest Options Trades for November 9 and read the largest single tickets.
7. Compare NVDA's headline cards and largest tickets with its daily bar.

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

Related reading

• November 6 recap
• November 5 recap
• Daily Market Recap in Cookbooks
• Option flow · Gamma exposure · IV rank