Market Analysis2026-09-288 min read

September 28 Recap: Leaned Bearish, MU $1.6B, SPX GEX Negative

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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.

#Daily Market Recap #Cookbooks #option flow #gamma exposure #MU #SPX

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.

Diagram of the September 28 session: $14.8B single-name tape, leaned bearish 23/25, MU $1.6B, SPX GEX Negative

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

Daily Market Recap header for September 28, 2026, with $14.8B total premium, 64% calls, 36% puts, and 23% bullish vs 25% bearish

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.

Session tone for September 28: Neutral $7.7B, bearish $3.7B, bullish $3.5B

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.

Bottom line and the day in one glance for September 28, 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

Top names by option premium on September 28, led by 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

Index GEX backdrop for September 28: SPX −14.54, SPY −3.33, QQQ −2, IWM −0.94 Negative; NDX +0.26 Positive; DIA −0.01 Negative

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

MU headline cards: last $1,054, $1.6B premium, 67% calls, 22% bullish, 79% average IV

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

MU biggest prints on September 28, led by $9M Neutral 720 and 740 calls for October 16

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 +46.8%

The recap prints two mover readings. This time they name the same stock, one tenth of a point apart.

Bottom line: "the day's biggest mover was KOD, up 46.7%."
Step 7 key result: leading mover KOD, +46.8%, direction Up.

Biggest movers on September 28: KOD up, OCUL 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.

KOD is the largest up bar by a wide margin; OCUL is the largest down bar. The two KOD readings are separate fields with different rounding. Quote both. 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%; Step 7 key KOD +46.8%	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 KOD +46.7% and +46.8% as separate fields, 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.

Learn more

Gamma exposure · Option flow

这是 Daily Market Recap 对 2026 年 9 月 28 日 完整会话的读数。不是交易建议。

同一份报告里有两套时钟：

当日成交带 — 单票（STOCK）权利金、情绪、时间分布和涨跌幅，来自 AggregatedOptionTrades。
TradingFlow GEX / IV — 前收盘的期权链和元数据快照（T+1）。它不会重算盘中 live 0DTE 账本。

这一天偏空：23% 看多 vs 25% 看空，单票权利金 $14.8B，其中 64% 在认购。最重的名字连续第二个会话是 MU（$1.6B，Bearish）。指数 GEX 在 SPX 上是负，−$14.54B，SPY 和 QQQ 也是负。这就是发现。

9 月 28 日会话示意：148 亿美元单票成交带，23/25 偏空，MU 16 亿美元，SPX GEX 为负

成交带对 T+1 结构。情绪和权利金是当日。GEX 是前收盘。两行都不是预测。

有权限的读者可以打开 Daily Market Recap，或带日期的一次运行 market-recap~2026-09-28。可能需要登录和符合条件的试用或订阅。

复盘印了什么

Daily Market Recap 页头：2026 年 9 月 28 日，总权利金 148 亿美元，认购 64%，认沽 36%，看多 23% vs 看空 25%

测试应用，官方 Daily Market Recap，会话 2026-09-28。KPI 条是当日成交带。截于 2026 年 9 月 29 日。

这次运行：

会话：2026 年 9 月 28 日（最近一个完整会话）
总权利金：$14.8B（单票）
认购：64% · 认沽：36%
看多：23% · 看空：25%
语气：leaned bearish（偏空）
最大情绪桶：NEUTRAL $7.7B（看空 $3.7B，看多 $3.5B）
最重的名字：MU $1.6B（一眼看完和头部表一致）
页头里的最大涨跌：KOD +46.7%

前一个会话 9 月 25 日印的是 $15.6B，认购 70%，均衡 22% vs 23%。这一天略小，认购比重更低，看空的优势从一个百分点扩大到两个。

中性权利金（价差、对冲、双边成交）不是方向。语气看的是看多对看空的缺口，不是中性桶。

9 月 28 日会话语气：中性 77 亿美元，看空 37 亿，看多 35 亿

同一次运行，第 1 步。中性约占成交带一半。看空比看多多 $0.2B。截于测试应用，2026 年 9 月 29 日。

2026 年 9 月 28 日的 Bottom line 和一眼看完

同一次运行，Bottom line 和一眼看完表。截于测试应用，2026 年 9 月 29 日。

一眼看完，每个轴只取最大的一项：

轴	标的	读数
最多权利金	MU	$1.6B
最大 Net DEX	TSM	+0M 股当量
最大 Net DEI 幅度	MDB	257%
最高 IV rank	BA	48 / 100
指数 gamma 环境	SPX	Negative

Net DEX 这一行按一眼看完的显示精度印成 TSM +0M。这次运行里它说明不了什么；照印出的引用，不要从中读出方向。

头部名字：MU $1.6B Bearish

9 月 28 日按权利金排序的头部名字，MU 16 亿美元 Bearish 排第一

测试应用，第 2 步，会话 2026-09-28。颜色是该名字的 net bias，不是预测。截于 2026 年 9 月 29 日。

账本顶部：

标的	权利金	认购	认沽	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

前五名里有四个标为 Bearish，这四个都是认购占多数。前五名里只有 NVDA 标为 Bullish。认购占比不是 net bias。

第一个记录窗口：09:30，$2.7B。时间分布单独不能证明意图。

最大 Net DEI：MDB 257%，对应的 Net DEX 是 Negative。MDB 也在头部表里，$416M Bearish，同时在涨跌幅图里是一根上涨柱。DEI 是相对典型成交量的无符号幅度；DEX 是另一套带符号分类。两者都不能证明交易者身份或做市商库存；一个名字可以在价格代理上涨的当天被标为 Bearish。

活跃名字里最高 IV rank：BA 48，30 日 IV 34.3%。INTC 在图上也是 48。IV rank 是该名字 30 日隐含波动率在自己过去一年里的位置。

指数 GEX：SPX 负，−$14.54B

9 月 28 日指数 GEX 背景：SPX −14.54、SPY −3.33、QQQ −2、IWM −0.94 为负；NDX +0.26 为正；DIA −0.01 为负

测试应用，第 6 步，会话 2026-09-28。GEX 是前收盘结构（T+1），按产品的做市商符号约定。截于 2026 年 9 月 29 日。

指数	Net GEX（$B）	环境
SPX	−14.54	Negative
SPY	−3.33	Negative
QQQ	−2	Negative
IWM	−0.94	Negative
NDX	+0.26	Positive
DIA	−0.01	Negative

六个指数里五个为负。NDX 是唯一为正的一行，+$0.26B。9 月 25 日正好反过来：SPX +$80.06B，SPY +$6.69B，QQQ +$2.04B，只有 IWM 为负。这是相隔一个会话的两张快照，不是两者之间测出来的路径。这里的负 GEX 是 模型结构，不是观察到的做市商库存。见负 GEX 是会话风险，不是交易。

头条名字：MU，现价 $1,054

MU 头条卡片：现价 1,054 美元，权利金 16 亿美元，认购 67%，看多 22%，平均 IV 79%

测试应用，第 8 步，会话 2026-09-28。头条名字是权利金最重的，不是涨跌幅最大的。截于 2026 年 9 月 29 日。

这次运行上的 MU：

现价：$1,054
期权权利金：$1.6B
认购占比：67%
看多占比：22%
成交合约平均 IV：79%

9 月 25 日同样的卡片是 $1,082、$1.7B、Mixed、平均 IV 75%。MU 两个会话都是权利金第一；net bias 从 Mixed 变成了 Bearish。

最大的几笔（按复盘列出的顺序）：

时间	类型	行权价	到期	权利金	情绪
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

9 月 28 日 MU 最大成交，前两笔是 900 万美元、10 月 16 日到期的 Neutral 720 和 740 认购

同一次运行，第 8 步成交表。列出的十二笔全是认购，行权价 700 到 800。最大的两笔是 Neutral。截于 2026 年 9 月 29 日。

MU 列出的每一笔都是认购，每个行权价（700–800）都低于 $1,054 的现价。最大的两笔各 $9M，远小于 9 月 25 日 $38M 的最大一笔。十二行里有六行是 12 月 18 日 700 认购，每笔 $4M，在 10:25 到 10:26 之间，四笔 Neutral、两笔 Bearish。MU 上 67% 的认购占比，不等于 MU 是 22% 的看多成交带。

涨跌幅：KOD +46.7% 和 +46.8%

复盘印了两个涨跌幅读数。这次两者指向同一只股票，只差十分之一个百分点。

页头 Bottom line：「当天最大的涨跌是 KOD，上涨 46.7%。」
第 7 步关键结果：领涨/领跌名字 KOD，+46.8%，方向 Up。

9 月 28 日最大涨跌：KOD 上涨，OCUL 下跌

测试应用，第 7 步，会话 2026-09-28。intraday_pct 是成交带里标的价从第一笔到最后一笔的代理。截于 2026 年 9 月 29 日。

KOD 是最大的上涨柱，领先很多；OCUL 是最大的下跌柱。两个 KOD 读数是不同字段，取整不同。两个都引用。涨跌幅不是意图。

这一会话能证明什么

问题	复盘在 9 月 28 日	时钟
单票成交带有多大？	$14.8B，64% 认购	当日权利金
成交带有没有偏向？	偏空 23% vs 25%；中性 $7.7B	当日情绪
钱去了哪？	MU $1.6B Bearish；META $1.1B Bearish；NVDA $1.1B Bullish	当日头部
权利金什么时候到？	第一个窗口 09:30 $2.7B	30 分钟桶
指数 GEX 是什么？	SPX −$14.54B Negative；SPY −$3.33B；NDX +$0.26B 是唯一为正	T+1 快照
MU 印了什么？	现价 $1,054，67% 认购，22% 看多；最大几笔 720C / 740C Oct-16 $9M Neutral	头条名字 + 成交带
最大涨跌？	页头 KOD +46.7%；第 7 步关键 KOD +46.8%	复盘里两个字段

一个会话不是趋势。代理指标（intraday_pct、简化 GEX）是描述性估计，不是价格预测。

复现这些发现

打开 Daily Market Recap，锁会话 2026 年 9 月 28 日（或打开 market-recap~2026-09-28）。
记下 KPI 条：总权利金、认购/认沽占比、看多/看空占比，以及 Bottom line 那句话。
第 2 步：确认 MU $1.6B Bearish 在权利金顶部，以及 NVDA 是前五名里唯一的 Bullish。
第 6 步：确认 SPX −14.54 Negative，SPY −3.33，NDX +0.26 Positive。
第 7 步和第 8 步：把 KOD +46.7% 和 +46.8% 当成两个字段写下来，再记下 MU 09:30 的 720C 和 740C Oct-16 成交。
在「所以应该卖 MU」或「所以下一会话会继续负 GEX」之前停笔。

TradingFlow App Home → Cookbooks → Daily Market Recap 锁会话。

延伸

Gamma exposure · Option flow

Tags#Daily Market Recap #Cookbooks #option flow #gamma exposure #MU #SPX

2026-09-25Market Analysis

September 25 Recap: Balanced Tape, MU $1.7B, SPX GEX Positive

Daily Market Recap on the completed September 25 session printed $15.6B of single-name premium, 70% in calls, with tone balanced at 22% bullish vs 23% bearish. MU led at $1.7B (Mixed). SPX GEX was Positive at +$80.06B, and Rank showed SPY and SPXW closing between their 0DTE put wall and 0DTE top.

2026-09-14Market Analysis

September 14 Recap: Balanced Tape, MU $2B, SPX GEX Negative

Daily Market Recap on the completed September 14 session printed $17.5B of single-name premium, 67% in calls, with tone balanced at 21% bullish vs 21% bearish. MU absorbed $2.0B mixed. SPX GEX was Negative at −$87.61B.

2026-09-18Market Analysis

September 18 Recap: Leaned Bullish, META $3.7B, SPX GEX Negative

Daily Market Recap on the completed September 18 session printed $20.8B of single-name premium, 74% in calls, with tone leaned bullish at 24% vs 19% bearish. META absorbed $3.7B. SPX GEX was Negative at −$63.48B.

September 28 Recap: Leaned Bearish, MU $1.6B, SPX GEX Negative

What the recap printed

Leaders: MU $1.6B Bearish

Index GEX: SPX Negative −$14.54B

Headline name: MU at $1,054

Movers: KOD +46.7% and +46.8%

What this session is evidence of

Reproduce the findings

Learn more

复盘印了什么

头部名字：MU $1.6B Bearish

指数 GEX：SPX 负，−$14.54B

头条名字：MU，现价 $1,054

涨跌幅：KOD +46.7% 和 +46.8%

这一会话能证明什么

复现这些发现

相关阅读

延伸

Related Articles

September 25 Recap: Balanced Tape, MU $1.7B, SPX GEX Positive

September 14 Recap: Balanced Tape, MU $2B, SPX GEX Negative

September 18 Recap: Leaned Bullish, META $3.7B, SPX GEX Negative

What the recap printed

Leaders: MU $1.6B Bearish

Index GEX: SPX Negative −$14.54B

Headline name: MU at $1,054

Movers: KOD +46.7% and +46.8%

What this session is evidence of

Reproduce the findings

Related reading

Learn more

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September 25 Recap: Balanced Tape, MU $1.7B, SPX GEX Positive9 月 25 日复盘：均衡成交，MU $1.7B，SPX 正 GEX

September 14 Recap: Balanced Tape, MU $2B, SPX GEX Negative9 月 14 日复盘：均衡成交，MU $2B，SPX 负 GEX

September 18 Recap: Leaned Bullish, META $3.7B, SPX GEX Negative9 月 18 日复盘：偏多成交，META $3.7B，SPX 负 GEX

September 25 Recap: Balanced Tape, MU $1.7B, SPX GEX Positive

September 14 Recap: Balanced Tape, MU $2B, SPX GEX Negative

September 18 Recap: Leaned Bullish, META $3.7B, SPX GEX Negative