SPX GEX - Third Bounce from 7300 Put WallS&P 500SPCFD:SPXTanukiTradeSPX just bounced again from the 7300 put wall — now the third successful defense of this level on the daily chart. Price is currently trading near 7398, holding above P1 but still below the 7475 HVL. That keeps SPX inside a negative GEX regime, where price action tends to stay more reactive than in the positive zone above HVL. 🔶 Regime Context 🔶 Below HVL (7475), SPX sits in a more reactive GEX environment. The stretch between 7300 (P1) and 7475 (HVL) is the current negative GEX zone. A reclaim and hold above 7475 would be the first clear step toward a more constructive, positive GEX regime. Until then, volatility can expand more easily on both sides of the tape. 🔶 Options Structure Context 🔶 👉 7300 – P1 — strongest put wall / largest negative NETGEX Price has now bounced from this floor three separate times. Repeated defenses do not guarantee continuation, but they mark 7300 as the primary structural support in the current profile. 👉 7475 – HVL — regime pivot / gamma flip This is the level that separates negative GEX below from positive GEX above. Not just another resistance — the regime switch. 👉 7550 – Call Wall — next major upside reference Once above HVL, 7550 becomes the next serious call-side concentration to watch. 🔶 Options Sentiment 🔶 PUT$ 112.5% (50 DTE) means put options at an equivalent distance from spot are priced 112.5% higher than the corresponding calls — this is put pricing skew. At this level, downside protection remains clearly expensive. On the Options Oscillator, call pricing skew stays subdued at the right edge while put-side demand remains elevated — consistent with costly hedge demand rather than call-side optimism. IVRank 53.5 IVx 20.2 (50 DTE) PUT$ 112.5% (50 DTE) — put pricing skew Implied move ±0.52% (±38.2) 🔶 Key Structure to Watch 🔶 7300 (P1) — put wall floor; third bounce in play 7475 (HVL) — regime pivot into positive GEX 7550 — next major call wall above For now, SPX is bouncing inside a negative GEX zone — supported by P1, but still unfinished business at HVL. The key question: can momentum reclaim and hold 7475, or does price remain reactive below HVL with 7300 as the floor?