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Market Analysis6 min read

October 20 Recap: SPX GEX Widens to −$36.72B as SPY and IWM Turn Positive

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$12.6B in single-name premium, 25% bullish versus 26% bearish. MU led at $1.2B Mixed; SPX GEX was −$36.72B.

SPX net GEX widened from −11B on October 19 to −36.72B on October 20, while SPY (−2.15 to +0.95) and IWM (−0.91 to +0.97) turned Positive. Single-name premium fell for a third straight edition, from $14.2B to $12.6B (−11%), less than half of October 15's $27.1B.

$12.6B, 60% calls, 25% bullish versus 26% bearish. MU led at $1.2B Mixed; three of six index GEX rows were Positive.

Open Daily Market Recap or the October 20 session. Sign-in and a paid entitlement may be required.

What the recap printed

October 20 session KPI strip

Test app, session 2026-10-20, KPI. Captured October 21, 2026 (Pacific time).

ReadingRecap value
Single-name premium$12.6B
Call / Put60% / 40%
Bullish / Bearish25% / 26%
Overall tonewas balanced
First 30-minute window09:30 · $2.0B

Sentiment bars: Neutral $6.2B, Bearish $3.2B, Bullish $3.1B.

October 20 premium by sentiment

Test app, session 2026-10-20, Step 1. Captured October 21, 2026 (Pacific time).

What changed since October 19

ReadingOct 19Oct 20
Single-name premium$14.2B$12.6B
Call / Put60% / 40%60% / 40%
Bullish / Bearish25% / 24%25% / 26%
Tonewas balancedwas balanced
LeaderMU $1.6B MixedMU $1.2B Mixed
SPX net GEX ($B)−11 Negative−36.72 Negative
Positive index rowsDIASPY · IWM · DIA
Largest MU ticket$8M, 2027-01-151,300 PUT 2026-11-20 $20M

The call share and the balanced tone did not change; the bearish share rose two points. Premium has now fallen from $27.1B (October 15) to $18.8B, $14.2B, and $12.6B.

Leaders: where premium concentrated

October 20 top names by premium

Test app, session 2026-10-20, Step 2. Captured October 21, 2026 (Pacific time).

SymbolPremiumCallPutNet bias
MU$1.2B$645M$535MMixed
TSLA$749M$470M$280MBullish
NVDA$677M$427M$250MBearish
META$601M$365M$236MBearish
AMD$528M$269M$259MMixed
SPCX$413M$232M$181MBearish

TSLA was the only Bullish name in the top six; NVDA moved from Mixed to Bearish, SNDK fell out of the top six, and SPCX entered it. Every top-six name showed more call than put premium.

The bottom line and glance print MU at $1.1B; the leaders table and headline cards print $1.2B.

October 20 bottom line and glance

Test app, session 2026-10-20, Bottom line / glance. Captured October 21, 2026 (Pacific time).

Exposure and volatility context

The glance lists AAPL +0M shares-equiv. as largest Net DEX and MU 80% as largest Net DEI magnitude. Step 4 pairs MU's 80% with a Negative Net DEX sign; the leader on October 19 was TSLA at 217%.

Step 5's highest IV rank among active names is AAPL 62 / 100, with 28.0% 30-day implied volatility, against AAPL's 63 / 100 and 28.2% on October 19.

Index GEX: SPX −36.72B, three rows Positive

October 20 index GEX backdrop

Test app, session 2026-10-20, Step 6 · T+1. Captured October 21, 2026 (Pacific time).

IndexNet GEX ($B)Regime
SPX−36.72Negative
NDX−2.79Negative
IWM+0.97Positive
SPY+0.95Positive
QQQ−0.66Negative
DIA+0.2Positive

The index rows split. SPX deepened from −11 to −36.72 and NDX from −1.84 to −2.79, while SPY and IWM crossed from Negative to Positive and DIA rose from +0.04 to +0.2. On October 16 every row but DIA had been Negative, with SPX at −143.34.

Headline name: MU at $897

MU headline cards for October 20

Test app, session 2026-10-20, Step 8. Captured October 21, 2026 (Pacific time).

Cards: last $897, premium $1.2B, 55% calls, 26% bullish, 63% average IV on traded contracts. On October 19 the cards read $905, $1.6B, 49% calls, 23% bullish, and 67%.

TimeTypeStrikeExpiryPremiumSentiment
14:22PUT1,3002026-11-20$20MNEUTRAL
14:22PUT1,1102026-10-23$10MNEUTRAL
10:59PUT9002026-11-27$6MBEARISH
09:43PUT1,1302027-03-19$5MNEUTRAL
09:43PUT1,1502026-12-18$5MNEUTRAL
13:40CALL8702026-10-23$4MNEUTRAL

MU biggest prints for October 20

Test app, session 2026-10-20, Step 8 · prints. Captured October 21, 2026 (Pacific time).

The largest MU ticket was a $20M 1,300 put expiring 2026-11-20, tagged Neutral, at more than twice the $8M top tickets of October 16 and 19. Two of the top six expire that same week, on 2026-10-23; on October 19 all six shared the 2027-01-15 expiry.

Movers: SLS +19.7%

October 20 intraday movers

Test app, session 2026-10-20, Step 7. Captured October 21, 2026 (Pacific time).

Bottom line: SLS +19.7%. Step 7: SLS 19.8%, Up. Across eight runs each field printed 19.4% once, including the Step 7 key in the run captured here. October 19's largest gain was NAUT +30%.

What this session is evidence of

QuestionOct 20Oct 19Clock
Size / tone$12.6B · 25% / 26% · was balanced$14.2B · 25% / 24% · was balancedSession tape
ConcentrationMU $1.2B MixedMU $1.6B MixedSession leaders
Relative exposureMU DEI 80% · DEX NegativeTSLA DEI 217% · DEX PositiveSession exposure
VolatilityAAPL IV rank 62 · IV 28.0%AAPL IV rank 63 · IV 28.2%T+1
Index structureSPX −36.72B Negative · SPY, IWM, DIA PositiveSPX −11B Negative · DIA PositiveT+1
Largest MU print1,300 PUT 2026-11-20 $20M NEUTRALThree $8M tickets, all 2027-01-15Session ticket

How to read these numbers

This edition reads TradingFlow's Daily Market Recap for October 20, 2026, captured on October 21 (Pacific time). Eight runs between 5:22 and 6:34 AM Pacific printed the same figures apart from the SLS move above, including identical index GEX before and after 9:30 AM Eastern. 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, and a +0M reading rounds to zero. 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

  1. Open the October 20 recap; confirm Oct 20, 2026 in the session KPI.
  2. Open the October 19 recap beside it and compare the KPI strip, leaders, and all six index GEX rows.
  3. Compare MU's leaders-table tag, headline cards, and largest tickets on both days.
  4. Read Steps 4–6 separately: exposure magnitude, volatility rank, and index structure.

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