September 28 Recap: Leaned Bearish, MU $1.6B, SPX GEX Negative
Daily Market Recap on the completed September 28 session printed $14.8B of single-name premium, 64% in calls, with tone leaned bearish at 23% bullish vs 25% bearish. MU led again at $1.6B (Bearish). SPX GEX was Negative at −$14.54B, one session after +$80.06B.
This is a Daily Market Recap readout of the completed September 28, 2026 session. It is not a trade.
Two clocks sit in the same report:
- Session tape — single-name (STOCK) premium, sentiment, timing, and movers from AggregatedOptionTrades.
- TradingFlow GEX / IV — prior-close chain and meta snapshots (T+1). They do not recompute live 0DTE books.
The session leaned bearish at 23% bullish vs 25% bearish, with $14.8B of single-name premium and 64% of it in calls. The heaviest name was MU ($1.6B, Bearish) for the second session running. Index GEX was Negative on SPX at −$14.54B, and SPY and QQQ were Negative too. That is the finding.
Tape versus T+1 structure. Sentiment and premium are the session. GEX is prior-close. Neither row is a forecast.
Readers with access can open Daily Market Recap or the dated run market-recap~2026-09-28. Sign-in and an eligible trial or subscription may be required.
What the recap printed
Test app, official Daily Market Recap, session 2026-09-28. KPI strip is the session tape. Captured September 29, 2026.
On this run:
- Session: Sep 28, 2026 (latest completed)
- Total premium: $14.8B (single-name)
- Call premium: 64% · put premium: 36%
- Bullish: 23% · bearish: 25%
- Tone: leaned bearish
- Largest sentiment bucket: NEUTRAL $7.7B (bearish $3.7B, bullish $3.5B)
- Heaviest name: MU $1.6B (glance and leaders table agree)
- Bottom-line mover: KOD +46.7%
The prior session, September 25, printed $15.6B, 70% calls, and a balanced 22% vs 23%. This session is a little smaller, less call-heavy, and the bearish edge widened from one point to two.
Neutral premium (spreads, hedges, two-sided prints) is not directional. Tone is the bullish-versus-bearish gap, not the neutral bucket.
Same run, Step 1. Neutral is about half the tape. Bearish leads bullish by $0.2B. Captured in the test app on September 29, 2026.
Same run, Bottom line and glance table. Captured in the test app on September 29, 2026.
Glance, one reading per axis:
| Axis | Symbol | Reading |
|---|---|---|
| Most option premium | MU | $1.6B |
| Largest Net DEX | TSM | +0M shares-equiv. |
| Largest Net DEI magnitude | MDB | 257% |
| Highest IV rank | BA | 48 / 100 |
| Index gamma regime | SPX | Negative |
The Net DEX row printed TSM +0M at the glance's display precision. It says little on this run; quote it as printed and do not read a direction into it.
Leaders: MU $1.6B Bearish
Test app, Step 2, session 2026-09-28. Color is net bias on that name, not a forecast. Captured September 29, 2026.
Top of the book:
| Symbol | Premium | Call | Put | Net bias |
|---|---|---|---|---|
| MU | $1.6B | $1.1B | $549M | Bearish |
| META | $1.1B | $704M | $386M | Bearish |
| NVDA | $1.1B | $812M | $276M | Bullish |
| AMD | $958M | $605M | $354M | Bearish |
| TSLA | $937M | $597M | $340M | Bearish |
| SNDK | $843M | $504M | $339M | Mixed |
Four of the top five are tagged Bearish, and every one of those four is majority calls. NVDA is the only top-five name tagged Bullish. Call share is not net bias.
First recorded window: 09:30, $2.7B. Timing alone does not prove intent.
Largest Net DEI: MDB 257%, associated Net DEX Negative. MDB also sits in the leaders at $416M Bearish, and shows up as an up bar in the movers chart. DEI is unsigned magnitude versus typical volume; DEX is a separate signed classification. Neither proves trader identity or dealer inventory, and a name can be tagged Bearish on a day its price proxy rose.
Highest IV rank among active names: BA 48, 30-day IV 34.3%. INTC also prints 48 on the chart. IV rank is where that name's 30-day implied vol sits in its own past year.
Index GEX: SPX Negative −$14.54B
Test app, Step 6, session 2026-09-28. GEX is prior-close structure (T+1) under the product dealer-sign convention. Captured September 29, 2026.
| Index | Net GEX ($B) | Regime |
|---|---|---|
| SPX | −14.54 | Negative |
| SPY | −3.33 | Negative |
| QQQ | −2 | Negative |
| IWM | −0.94 | Negative |
| NDX | +0.26 | Positive |
| DIA | −0.01 | Negative |
Five of six indexes are Negative. NDX is the only Positive row, at +$0.26B. On September 25 it was the other way around: SPX +$80.06B, SPY +$6.69B, QQQ +$2.04B, and only IWM Negative. Those are two snapshots one session apart, not a measured path between them. Negative GEX here is modeled structure, not observed dealer inventory. See Negative GEX is session risk, not a trade.
Headline name: MU at $1,054
Test app, Step 8, session 2026-09-28. Headline name is the heaviest premium, not the biggest percent mover. Captured September 29, 2026.
MU on this run:
- Last: $1,054
- Option premium: $1.6B
- Call share: 67%
- Bullish share: 22%
- Average IV on traded contracts: 79%
On September 25 the same cards read $1,082, $1.7B, Mixed, 75% average IV. MU led premium both sessions; the net bias moved from Mixed to Bearish.
Biggest prints (as the recap listed them):
| Time | Type | Strike | Expiry | Premium | Sentiment |
|---|---|---|---|---|---|
| 09:30 | CALL | 720 | 2026-10-16 | $9M | NEUTRAL |
| 09:30 | CALL | 740 | 2026-10-16 | $9M | NEUTRAL |
| 10:33 | CALL | 800 | 2026-12-18 | $6M | NEUTRAL |
| 10:33 | CALL | 800 | 2026-12-18 | $6M | NEUTRAL |
| 09:30 | CALL | 760 | 2026-10-16 | $5M | BEARISH |
Same run, Step 8 prints table. All twelve listed prints are calls with strikes from 700 to 800. The two largest are Neutral. Captured September 29, 2026.
Every listed MU print is a call, and every listed strike (700–800) is below the $1,054 last. The largest are $9M each, far smaller than September 25's $38M top print. Six of the twelve rows are the Dec-18 700 call at $4M each between 10:25 and 10:26, four tagged Neutral and two Bearish. 67% call share on MU is not the same as a 22% bullish tape on MU.
Movers: KOD +46.7%, and a Step 7 key that depends on the run
The recap prints two mover readings, and only one of them held still across runs.
- Bottom line: "the day's biggest mover was KOD, up 46.7%." Every run printed this.
- Step 7 key result: four of the five runs we captured printed KOD +46.8%, direction Up. One run on October 1 printed OCUL −19.6%, direction Down.
Test app, Step 7, session 2026-09-28. intraday_pct is an in-tape first-to-last underlying-price proxy. Captured September 29, 2026.
The bottom line always names the day's largest gain. Step 7 lists the eight largest gains and the eight largest losses, and its key result reads whichever list comes back first, so the same session can print the top gainer on one run and the top loser on the next. The chart shows the same sixteen names either way. KOD is the largest up bar by a wide margin; OCUL is the largest down bar. Quote the bottom line, and if you quote Step 7, say which run. Movers are not intent.
What this session is evidence of
| Question | Recap on Sep 28 | Clock |
|---|---|---|
| How large was the single-name tape? | $14.8B, 64% calls | Session premium |
| Did the tape lean? | Leaned bearish 23% vs 25%; Neutral $7.7B | Session sentiment |
| Where did the dollars go? | MU $1.6B Bearish; META $1.1B Bearish; NVDA $1.1B Bullish | Session leaders |
| When did premium arrive? | First window 09:30 $2.7B | 30-minute buckets |
| What was index GEX? | SPX −$14.54B Negative; SPY −$3.33B; NDX +$0.26B the only Positive | T+1 snapshot |
| What did MU print? | Last $1,054, 67% calls, 22% bullish; largest prints 720C / 740C Oct-16 $9M Neutral | Headline name + tape |
| Biggest mover? | Bottom line KOD +46.7% (largest gain); Step 7 key KOD +46.8% or OCUL −19.6% depending on the run | Two recap fields |
One session is not a trend. Proxies (intraday_pct, simplified GEX) are descriptive estimates, not price forecasts.
Reproduce the findings
- Open Daily Market Recap and lock session Sep 28, 2026 (or open market-recap~2026-09-28).
- Record the KPI strip: total premium, call/put share, bullish/bearish share, and the Bottom line sentence.
- Step 2: confirm MU $1.6B Bearish at the top of premium, and NVDA as the only top-five Bullish tag.
- Step 6: confirm SPX −14.54 Negative, SPY −3.33, and NDX +0.26 Positive.
- Step 7 and Step 8: write down the bottom line's KOD +46.7%, then Step 7's key result (it may read KOD +46.8% or OCUL −19.6% on different runs), then the MU 09:30 720C and 740C Oct-16 prints.
- Stop before "therefore sell MU" or "therefore the next session stays negative GEX."
TradingFlow App Home → Cookbooks → Daily Market Recap for the session lock.
Related reading
- September 25 Recap: Balanced Tape, MU $1.7B, SPX GEX Positive
- September 18 Recap: Leaned Bullish, META $3.7B, SPX GEX Negative
- Daily Market Recap: read a full options session in Cookbooks
- Negative GEX is session risk, not a trade
Learn more
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