QS Weekly Recap 6/12S&P 500SP:SPXquantsignals_alphaHeadline: Structurally bullish Q3, but capped & hedged through next week (FOMC Jun 17 + quad-witching Jun 19). SPX/SPXW — the core read Net today: SPX +$35M calls / −$22.8M puts (bullish), but it's all back-dated: Sep-18 bullish risk reversals: paired CALL BUY + PUT SELL at 7480/7490 ($7-8M per leg, multiple sets) — institutions financing Q3 upside Oct-16 7530P SOLD $25.6M block (opening) — whale doesn't see us below 7530 by October Jun-2027 8600C bought $13.9M above-ask Next week is a different story: Jun-18 7430C SOLD $5.8M at the close (opening, bearish) — ATM call wall right at spot for quad-witching week. Jun-18 SPX net calls −$14M Jun-26 7460P BOUGHT $14.6M (ATM, opening) — 2-week downside protection through quarter-end window Jun-30 7350P +$6.2M, more put buying Jun-24/25 at 7420 Monday floor: Jun-15 7190P SOLD $5.1M — nobody fears a Monday crash Read: whales are pinning/capping SPX at ~7430–7460 through FOMC + quad-witching, hedged into late June, aggressively long Q3. Single names TSLA (406): −$34.8M net calls. Jul-10 400/410 call wall hammered — $38M of opening CALL SELLS at 400/410 this morning. Structural ceiling 400–410 for a month. Short-term sweeps bought Jun-15 405C ($3.5M x13) — bounce traders only. MSFT (391): $21.9M Aug-21 420P bought ITM (block, opening) + 480 call wall rebuilt 9 times. Clearest bearish single-name on the tape: +$23.6M net puts. QQQ: +$12.6M net calls, mild bullish. NVDA/GOOGL quietly positive. META's "$151M" print is a corrupt K=5 garbage tick — excluded; META flow is actually flat/small bullish. VIX: 49 prints clustered at Jun-17 expiry (FOMC day) — event positioning confirmed. DRAM/EWY/AMD: nothing actionable. The trade (1/2) SPXW 6/19 7460/7490 call credit spread — short strike sits exactly on the whale's defended wall (7430C sold at close + $14.6M 7460P bought), expiry on quad-witching Friday, FOMC IV juices the credit. Defined risk $30 wide minus credit. Flow says whales don't expect a close above 7460 next week even with the Fed. Alt if you want direction instead of theta: follow the whale's exact tenor — SPXW 6/26 7430/7350 put debit spread (long near his $14.6M strike, short at the 7350 put-buy cluster). (2/2)