The Vol Surface
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Dealers are short gamma again

Positioning flipped below the big strike. Moves get amplified from here.

The Vol Surface
June 25, 2026 5 min read

We slipped below the strike where dealer gamma turns negative. That single fact changes the character of every move from here — rallies and selloffs both get amplified instead of dampened.

S&P 500 — live

The levels where flows flip back positive, and how I'm trading the gap, are below.

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