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![neilksethi Avatar](https://lunarcrush.com/gi/w:24/cr:twitter::2252413050.png) Neil Sethi [@neilksethi](/creator/twitter/neilksethi) on x 12.6K followers
Created: 2025-07-21 11:59:00 UTC

BoA notes on gamma positioning that “[a]s of Thursday’s close, SPX gamma was +$2.6bn (47th 1y %ile) a relatively modest figure. However, a large portion of Thursday’s gamma footprint is due to July’s 3rd Friday expiry (i.e., 18-Jul) which is now past.”

So BoA sees gamma as remaining relatively low but still positive, which should have some marginal dampening impact on volatility, but as of Thursday at least it saw a big wall that is perhaps what has kept SPX rallies from extending.  It remains little changed on declines until around the 6150 but then builds.  Again, though, this is all likely to change as strikes reset at the start of this week.

![](https://pbs.twimg.com/media/GwYTJYuW0AAdDF4.jpg)

XXXXX engagements

![Engagements Line Chart](https://lunarcrush.com/gi/w:600/p:tweet::1947265047677616517/c:line.svg)

**Related Topics**
[volatility](/topic/volatility)
[$26bn](/topic/$26bn)
[spx](/topic/spx)
[gamma](/topic/gamma)

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