194: Does Gamma Move the S&P 500? What SPX Traders Should Know

194: Does Gamma Move the S&P 500? What SPX Traders Should Know

From Stock Market Options Trading by Eric O'Rourke

August 10, 2026 · 15 min · Season 1 · Episode 194

About this episode

This episode explores the relationship between gamma levels and the S&P 500, along with strategies for trading SPX options.

In Episode 194 of the Stock Market Options Trading Podcast, we take a data-driven look at the S&P 500, SPX options, gamma levels, opening range breakouts, and a mechanical 0DTE Iron Condor strategy. We start with lumber prices after an 11-day losing streak and discuss what falling lumber prices may—or may not—be signaling about housing and the broader economy. Then we turn to SPX and an important question for options traders: Do gamma levels lead the market, or does price lead gamma? We look at call walls, put walls, the gamma flip, and why I view gamma levels as useful context rather than a standalone prediction of where the S&P 500 is headed. We also review some interesting SPX 0DTE Opening Range Breakout (ORB) data. Tuesday's 30-minute opening range has recently shown strong historical results following both upside and downside breakouts, creating some interesting possibilities for credit spreads and other intraday options strategies. Finally, I share a mechanical 0DTE SPX Iron Condor strategy we've been trading and tracking at Alpha Crunching, including how the setup works and where you can review the backtest and strategy details. 📊 0DTE Iron Condor Strategy &amp…

People in this episode

Host: Eric O'Rourke

Topics covered

Mentioned in this episode

Organizations: Alpha Crunching

Places: S&P 500, SPX

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