Pre-Open SPX 0DTE Gamma Commentary - March 9, 2026

Another negative start to the day, although futures have pared their losses by a lot since the rumours of a coordinated SPR release by the Group of 7. Current support on the naive model is at 6,600, while resistance is at 6,750.

What’s important for 0DTE watchers is that the overnight lows, 6,585 on ES ~6,580 on SPX (current futures / cash gap is about 5 pts), happens to correspond to a short put level on our proprietary model

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As gammaTrader pointed out last week, OTM client short puts can be good support levels, as MMs hedge by buying the underlying when IV is rising. Obviously, we don’t have insider knowledge of what the G7 finance ministers are going to do. But, as far as we know, RT Gamma is the only service providing overnight option gamma levels, pointing to potential support and resistance areas that may be reactive to the news.

Looking at today’s structure, there’s obviously downside risk given the long puts down to 6620. However, if vol can continue to compress, we can also squeeze higher, as MM adjusts their hedges by buying the underlying.