September 29 Recap: Leaned Bearish, MU $1.7B, SPX GEX Negative
Daily Market Recap on the completed September 29 session printed $14.4B of single-name premium, 63% in calls, with tone leaned bearish at 24% bullish vs 26% bearish. MU led a third session running at $1.7B (Bearish), with four 11:16 call prints worth $141M. SPX GEX was Negative at −$14.56B.
This is a Daily Market Recap readout of the completed September 29, 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 24% bullish vs 26% bearish, with $14.4B of single-name premium and 63% of it in calls. The heaviest name was MU ($1.7B, Bearish) for the third session running, and four MU call prints in the same minute (11:16) added up to $141M. Index GEX was Negative on SPX at −$14.56B. 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~2026-09-29. Sign-in and an eligible trial or subscription may be required.
What the recap printed
Test app, official Daily Market Recap, session 2026-09-29. KPI strip is the session tape. Captured September 30, 2026.
On this run:
- Session: Sep 29, 2026 (latest completed)
- Total premium: $14.4B (single-name)
- Call premium: 63% · put premium: 37%
- Bullish: 24% · bearish: 26%
- Tone: leaned bearish
- Largest sentiment bucket: NEUTRAL $7.2B (bearish $3.7B, bullish $3.5B)
- Heaviest name: bottom line and glance MU $1.6B; leaders table and headline cards MU $1.7B
- Bottom-line mover: GLND +16.1%
The prior session, September 28, printed $14.8B, 64% calls, and leaned bearish 23% vs 25%. The size, call share, and two-point bearish gap barely moved.
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 half the tape. Bearish leads bullish by $0.2B. Captured in the test app on September 30, 2026.
Same recap, Bottom line and glance table. Captured in the test app on October 1, 2026.
Glance, one reading per axis:
| Axis | Symbol | Reading |
|---|---|---|
| Most option premium | MU | $1.6B |
| Largest Net DEX | ORCL | +0M shares-equiv. |
| Largest Net DEI magnitude | META | 107% |
| Highest IV rank | AMZN | 52 / 100 |
| Index gamma regime | SPX | Negative |
The Net DEX row printed ORCL +0M at the glance's display precision; quote it as printed and do not read a direction into it.
Leaders: MU $1.7B Bearish, META $1.6B Bullish
Test app, Step 2, session 2026-09-29. Color is net bias on that name, not a forecast. Captured September 30, 2026.
Top of the book:
| Symbol | Premium | Call | Put | Net bias |
|---|---|---|---|---|
| MU | $1.7B | $1.2B | $488M | Bearish |
| META | $1.6B | $898M | $718M | Bullish |
| NVDA | $779M | $570M | $209M | Bearish |
| TSLA | $665M | $369M | $296M | Bearish |
| AMD | $619M | $438M | $181M | Mixed |
| SNDK | $587M | $386M | $201M | Bullish |
The bottom line and glance print MU at $1.6B; the leaders table and headline cards print $1.7B. Quote both.
META carries the most put premium in the table, $718M of $1.6B, and it is tagged Bullish. NVDA and TSLA are majority calls and tagged Bearish. Put share is not net bias, and neither is call share.
First recorded window: 09:30, $2.2B. Timing alone does not prove intent.
Same run, Step 4. Bar color is the Net DEX sign. Captured in the test app on September 30, 2026.
The recap prints two "largest Net DEI" readings:
- Glance: META 107%.
- Step 4 key result: FICO 138%, associated Net DEX Negative.
FICO is not in the top-15 premium table, and it is the second-largest down bar in the movers chart. META's 107% bar is colored Positive. DEI is unsigned magnitude versus typical volume; DEX is a separate signed classification. Neither proves trader identity or dealer inventory.
Highest IV rank among active names: AMZN 52, 30-day IV 38.8%. AAPL (48) and INTC (46) follow.
Same recap, Step 5. IV rank places each name's 30-day implied vol within its own past year. Captured in the test app on October 1, 2026.
MU sits at 20 on the same chart, while its traded contracts averaged 93% IV (Step 8). IV rank compares a name's 30-day IV with its own past year; average IV on traded contracts is a different field.
Index GEX: SPX Negative −$14.56B
Test app, Step 6, session 2026-09-29. GEX is prior-close structure (T+1) under the product dealer-sign convention. Captured September 30, 2026.
| Index | Net GEX ($B) | Regime |
|---|---|---|
| SPX | −14.56 | Negative |
| QQQ | −3.2 | Negative |
| SPY | −1.01 | Negative |
| IWM | −0.76 | Negative |
| NDX | +0.69 | Positive |
| DIA | −0.01 | Negative |
Five of six indexes are Negative again, and NDX is again the only Positive row. SPX is almost unchanged from September 28 (−$14.54B). SPY is less negative (−$3.33B → −$1.01B) and QQQ more negative (−$2B → −$3.2B). Those are two snapshots one session apart, not a measured path. Negative GEX here is modeled structure, not observed dealer inventory. See Negative GEX is session risk, not a trade.
Headline name: MU at $1,065
Test app, Step 8, session 2026-09-29. Headline name is the heaviest premium, not the biggest percent mover. Captured September 30, 2026.
MU on this run:
- Last: $1,065
- Option premium: $1.7B
- Call share: 71%
- Bullish share: 19%
- Average IV on traded contracts: 93%
On September 28 the same cards read $1,054, $1.6B, Bearish, 79% average IV. Average IV on traded MU contracts rose 14 points in one session.
Biggest prints (as the recap listed them):
| Time | Type | Strike | Expiry | Premium | Sentiment |
|---|---|---|---|---|---|
| 11:16 | CALL | 1,050 | 2026-11-20 | $78M | BEARISH |
| 11:16 | CALL | 1,150 | 2026-10-16 | $35M | BEARISH |
| 11:16 | CALL | 1,350 | 2026-11-20 | $18M | BEARISH |
| 11:16 | CALL | 1,300 | 2026-10-16 | $10M | BULLISH |
| 10:41 | CALL | 200 | 2026-10-02 | $8M | NEUTRAL |
Same run, Step 8 prints table. The top four rows share the same minute. Three are tagged Bearish and one Bullish. Captured September 30, 2026.
The top four MU prints all print at 11:16, across two expiries (Oct-16 and Nov-20) and four strikes from 1,050 to 1,350. Together they are $141M, about 8% of MU's $1.7B session. Three are tagged Bearish and one Bullish. The recap lists them as separate prints; it does not say they are one order, and the tags do not prove who bought or sold. The largest print is $78M, against $9M on September 28.
71% call share on MU is not the same as a 19% bullish tape on MU.
Movers: GLND +16.1%, 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 GLND, up 16.1%." Every run printed this.
- Step 7 key result: the October 1 runs printed GLND +16.1%, direction Up. The September 30 runs printed SMMT −13.1%, direction Down.
Test app, Step 7, session 2026-09-29. intraday_pct is an in-tape first-to-last underlying-price proxy. Captured October 1, 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. GLND is the largest up bar; SMMT is the largest down bar, with FICO next. 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 29 | Clock |
|---|---|---|
| How large was the single-name tape? | $14.4B, 63% calls | Session premium |
| Did the tape lean? | Leaned bearish 24% vs 26%; Neutral $7.2B | Session sentiment |
| Where did the dollars go? | MU $1.7B Bearish (glance $1.6B); META $1.6B Bullish; NVDA $779M Bearish | Session leaders |
| When did premium arrive? | First window 09:30 $2.2B | 30-minute buckets |
| Largest Net DEI? | Glance META 107%; Step 4 key FICO 138% (Net DEX Negative) | Two recap fields |
| Highest IV rank? | AMZN 52, 30-day IV 38.8%; MU 20 | T+1 snapshot |
| What was index GEX? | SPX −$14.56B Negative; NDX +$0.69B the only Positive | T+1 snapshot |
| What did MU print? | Last $1,065, 71% calls, 19% bullish, avg IV 93%; four 11:16 calls $141M | Headline name + tape |
| Biggest mover? | Bottom line GLND +16.1% (largest gain); Step 7 key GLND +16.1% or SMMT −13.1% 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 29, 2026 (or open market-recap~2026-09-29).
- Record the KPI strip: total premium, call/put share, bullish/bearish share, and the Bottom line sentence.
- Step 2: confirm MU $1.7B Bearish and META $1.6B Bullish at the top, and note MU is $1.6B in the glance.
- Step 4: write down FICO 138% next to the glance's META 107%.
- Step 6: confirm SPX −14.56 Negative and NDX +0.69 Positive.
- Step 5, Step 7, and Step 8: note AMZN 52 at the top of IV rank, write down the bottom line's GLND +16.1% and Step 7's key result (it may read GLND +16.1% or SMMT −13.1% on different runs), then the four MU 11:16 call 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 28 Recap: Leaned Bearish, MU $1.6B, SPX GEX Negative
- September 25 Recap: Balanced Tape, MU $1.7B, SPX GEX Positive
- Daily Market Recap: read a full options session in Cookbooks
- Negative GEX is session risk, not a trade
Learn more
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