SPY Walls Into Jobs Friday: The Gamma Map

Friday's jobs report is a macro gamma event — the whole index reprices around a data surprise.

The setup:

• Call wall above spot — resistance where dealer selling caps rallies on a soft print
• Put wall below — support where dealer buying halts dips on a hot one
• Between the walls: the mean-reversion zone — chop if the report is in-line
• Outside: acceleration — if NFP shocks either direction, dealer hedging amplifies the move

The nuance: OPEX just passed (post-witching), so gamma cushions are thinner than mid-cycle. Friday's move has more room to run than a mid-cycle report would.

Map it, size it, then rehearse both directions on Stock Picks.