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![vighnaraj2022 Avatar](https://lunarcrush.com/gi/w:24/cr:twitter::1430587844372873221.png) ConvexSwan [@vighnaraj2022](/creator/twitter/vighnaraj2022) on x 7337 followers
Created: 2025-07-19 15:59:19 UTC

$ES Monday Summary

The /ES market remains pinned near gamma and charm convergence at 6335, now driven by a put-dominant charm profile that supports upward drift through dealer delta buybacks as IV compresses. Gamma exposure is light but directional sensitivity remains high, and negative vanna confirms that any IV spike flips the flow bearishly.

Dealer hedging dynamics support mean-reversion magnetism between 6285 and 6335, with traps set above 6450 at the vomma ceiling. The dealer book remains convexity-skewed toward downside hedging, and we approach macro event risk into GDP and PCE.

Expect range behavior unless IV jolts or macro data injects directional bias. 6310–6335 = drift magnet, 6450–6540 = gamma trap ceiling, and 6100–6180 = reflex bid base.


XXX engagements

![Engagements Line Chart](https://lunarcrush.com/gi/w:600/p:tweet::1946600749326319616/c:line.svg)

**Related Topics**
[hedging](/topic/hedging)
[delta](/topic/delta)
[drift](/topic/drift)
[convergence](/topic/convergence)
[gamma](/topic/gamma)
[$es](/topic/$es)
[stocks utilities](/topic/stocks-utilities)

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