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ES dealer levels & regime call — June 25, 2026

The morning call was expansion and the session realized expansion — graded HIT against realized RTH volatility versus the 20-day median. ES ran a 94-point range and closed lower, touching 2 of 4 published dealer levels.

EXPANSIONMorning call
EXPANSIONRealized
HITResult
SHORT GAMMADealer gamma
-2.47BNet GEX
94 ptsRTH range
7,487.25 → 7,429.5Open → Close
7383743274807528Call WallPut WallMax Pain09:3011:0712:4414:2115:58

The morning dealer levels, graded

Published with the morning roadmap before the open; "touched" means the session traded at the level.

LevelPriceTypeSession
Call Wall7,518.18supply / call walluntouched
Put Wall7,443.18demand / put walltouched
Gamma Flip7,678.18gamma flipuntouched
Max Pain7,433.18max pain / settlementtouched

Grading rule: realized RTH volatility vs. the 20-day median — expansion if it exceeds, compression otherwise. Same rule every day, committed in advance (methodology). The running record is on the scorecard — this page graded HIT.

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Research and decision support, not execution advice or a trade recommendation. Futures and options involve substantial risk. Historical data shown for research purposes.