Jun. 25 at 12:32 AM
Asia open with futures running: ES at 7469.75, NQ printing 30069 on a +324 handle. Overnight bid against a flat cash close — SPY settled -0.34, QQQ gave back 3.03. Futures front-running a move spot didn't confirm. Watch how Asia absorbs the first 30 minutes.
Gamma structure is the frame into London. SPY at 733.24 sits 3.63 points below the flip at 736.87. QQQ at 710.62 is 5.33 below its flip at 715.95. IWM is the tightest read — 296.69 versus a flip at 297.34, less than a point of separation. All three in positive gamma regime — dealers net long gamma, compressing moves in both directions. Below the flip, that compression holds and the overnight bid stays contained. If futures carry SPY through 736.87 into London, dealer hedging shifts and the structural path to 750 opens. 736.87 first, 750 as the call wall — track those over the next six hours.
Oil at 70.07 down
$2.35 is not a rounding error. Crude shedding that much introduces a separate volatility thread. RB gave back 0.04, HO is flat — product markets not fully tracking the crude move yet. Watch whether Asian energy desks extend the sell or find a bid in the 69-70 zone. A hold at 70 keeps it range behavior; a break below becomes a cross-asset signal.
Gold at 4019.20 after a
$60.70 flush. Metals under pressure while equity futures are bid and DXY is only up 0.17 — the dollar move doesn't explain a
$60 gold print. Silver at 57.56 down
$3.84 confirms broad metals liquidation. The 4000 level is the overnight watch. Structure holds above it; a break below is a different conversation into tomorrow.
VIX at 18.63 down 0.85 is not confirming stress. Quiet bid in futures, falling VIX, compressed gamma — clean setup heading into London. 736.87 and 750 are the SPY gates. 70 is the crude floor.
$SPY $QQQ $IWM $GC $CL
$NQ_F