October 19 Recap: SPX GEX Shrinks to −$11B From −$143.34B
$14.2B in single-name premium, 25% bullish versus 24% bearish. MU led at $1.6B Mixed; SPX GEX was −$11B.
SPX net GEX went from −143.34B on October 16 to −11B on October 19, and every index GEX row moved toward zero. Single-name premium fell again, from $18.8B to $14.2B (−24%), and the tape turned from leaned bearish to balanced.
$14.2B, 60% calls, 25% bullish versus 24% bearish. MU led at $1.6B Mixed; SPX stayed Negative at −11 and DIA Positive at +0.04.
Open Daily Market Recap or the October 19 session. Sign-in and a paid entitlement may be required.
What the recap printed
Test app, session 2026-10-19, KPI. Captured October 21, 2026 (Pacific time).
| Reading | Recap value |
|---|---|
| Single-name premium | $14.2B |
| Call / Put | 60% / 40% |
| Bullish / Bearish | 25% / 24% |
| Overall tone | was balanced |
| First 30-minute window | 09:30 · $2.2B |
Sentiment bars: Neutral $7.3B, Bullish $3.5B, Bearish $3.5B.
Test app, session 2026-10-19, Step 1. Captured October 21, 2026 (Pacific time).
What changed since October 16
| Reading | Oct 16 | Oct 19 |
|---|---|---|
| Single-name premium | $18.8B | $14.2B |
| Call / Put | 57% / 43% | 60% / 40% |
| Bullish / Bearish | 25% / 28% | 25% / 24% |
| Tone | leaned bearish | was balanced |
| Leader | MU $1.8B Bearish | MU $1.6B Mixed |
| SPX net GEX ($B) | −143.34 Negative | −11 Negative |
| Top-six leader tags | 6 Bearish | 3 Bullish · 2 Mixed · 1 Bearish |
| Largest gain | CRGY +8.6% | NAUT +30% |
The bullish share held at 25% while the bearish share fell four points. The first 30-minute window printed $2.2B on both days, a larger slice of a smaller session.
Leaders: where premium concentrated
Test app, session 2026-10-19, Step 2. Captured October 21, 2026 (Pacific time).
| Symbol | Premium | Call | Put | Net bias |
|---|---|---|---|---|
| MU | $1.6B | $794M | $826M | Mixed |
| META | $894M | $667M | $227M | Bearish |
| TSLA | $858M | $534M | $324M | Bullish |
| NVDA | $751M | $469M | $282M | Mixed |
| SNDK | $680M | $390M | $290M | Bullish |
| AMD | $591M | $342M | $249M | Bullish |
The same six names led on October 16, all tagged Bearish. On October 19 TSLA, SNDK, and AMD turned Bullish, MU and NVDA Mixed, and META stayed Bearish. MU was the only top-six name with more put than call premium.
Test app, session 2026-10-19, Bottom line / glance. Captured October 21, 2026 (Pacific time).
Exposure and volatility context
The glance lists TSLA +2M shares-equiv. as largest Net DEX and TSLA 217% as largest Net DEI magnitude. Step 4 pairs TSLA's 217% with a Positive Net DEX sign; on October 16 TSLA led at 297% with a Negative sign.
Step 5's highest IV rank among active names is AAPL 63 / 100, with 28.2% 30-day implied volatility, against LLY's 69 / 100 on October 16.
Index GEX: SPX −11B
Test app, session 2026-10-19, Step 6 · T+1. Captured October 21, 2026 (Pacific time).
| Index | Net GEX ($B) | Regime |
|---|---|---|
| SPX | −11 | Negative |
| SPY | −2.15 | Negative |
| NDX | −1.84 | Negative |
| IWM | −0.91 | Negative |
| QQQ | −0.47 | Negative |
| DIA | +0.04 | Positive |
Against October 16, SPX shrank from −143.34 to −11, SPY from −15.46 to −2.15, QQQ from −8.39 to −0.47, IWM from −5.67 to −0.91, and NDX from −3.49 to −1.84. DIA stayed Positive but fell from +0.44 to +0.04. The regime labels did not change; the magnitudes did.
Headline name: MU at $905
Test app, session 2026-10-19, Step 8. Captured October 21, 2026 (Pacific time).
Cards: last $905, premium $1.6B, 49% calls, 23% bullish, 67% average IV on traded contracts. On October 16 the cards read $879, $1.8B, 52% calls, 27% bullish, and 73%.
| Time | Type | Strike | Expiry | Premium | Sentiment |
|---|---|---|---|---|---|
| 12:20 | PUT | 910 | 2027-01-15 | $8M | NEUTRAL |
| 13:02 | CALL | 940 | 2027-01-15 | $8M | NEUTRAL |
| 11:55 | CALL | 900 | 2027-01-15 | $8M | BEARISH |
| 10:53 | CALL | 900 | 2027-01-15 | $5M | BEARISH |
| 12:19 | CALL | 900 | 2027-01-15 | $5M | NEUTRAL |
| 09:51 | PUT | 1,000 | 2027-01-15 | $4M | NEUTRAL |
Test app, session 2026-10-19, Step 8 · prints. Captured October 21, 2026 (Pacific time).
All six of the largest MU tickets shared one expiry, 2027-01-15, and three of them printed $8M. The 900 calls appear three times with Bearish and Neutral tags. On October 16 the top six were spread from January 2027 to January 2028.
Movers: NAUT +30%
Test app, session 2026-10-19, Step 7. Captured October 21, 2026 (Pacific time).
Bottom line and Step 7 in both runs: NAUT +30%, Up. The largest gain on October 16 was CRGY +8.6%.
What this session is evidence of
| Question | Oct 19 | Oct 16 | Clock |
|---|---|---|---|
| Size / tone | $14.2B · 25% / 24% · was balanced | $18.8B · 25% / 28% · leaned bearish | Session tape |
| Concentration | MU $1.6B Mixed | MU $1.8B Bearish | Session leaders |
| Relative exposure | TSLA DEI 217% · DEX Positive | TSLA DEI 297% · DEX Negative | Session exposure |
| Volatility | AAPL IV rank 63 · IV 28.2% | LLY IV rank 69 · IV 42.7% | T+1 |
| Index structure | SPX −11B Negative | SPX −143.34B Negative | T+1 |
| Largest MU prints | Three $8M tickets, all 2027-01-15 | 980 PUT 2027-09-17 $8M BEARISH | Session ticket |
How to read these numbers
This edition reads TradingFlow's Daily Market Recap for October 19, 2026, captured on October 21 (Pacific time); two runs 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 the recap's T+1 / prior-close snapshots, not a live intraday gamma map. Neutral premium supplies no direction, and call share is option type, not bullish sentiment. Net DEI is an unsigned 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.
Reproduce the findings
- Open the October 19 recap; confirm Oct 19, 2026 in the session KPI.
- Open the October 16 recap beside it and compare the KPI strip, leaders, and all six index GEX rows.
- Compare MU's leaders-table tag, headline cards, and largest tickets on both days.
- Read Steps 4–6 separately: exposure magnitude, volatility rank, and index structure.
TradingFlow App Home → Cookbooks → Daily Market Recap → select the completed session.
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