Dealer Exposure · SPX POSITIVE GEX
SPOT7,519 FLIP7,404 NET GEX+45.4B

Long gamma at spot 7,519. Flip 7,404. Net GEX +45.4B.

Dealer Exposure · SPX chart
Options
Dispersion RISK OFF
|VXN−VXD|7.82 Z+1.4 SIGNALRisk Off

Index vol gap 7.82. Z +1.4 — risk off dispersion vs history.

Dispersion chart
Volatility
Term Structure CONTANGO
VX119.6 CURVECONTANGO SIGNALNORMAL

VX1 19.6, VX futures curve in contango.

Term Structure chart
Volatility
Macro Compass Q2 REFLATION
QUADQ2 GROWTH+0.4% INFLATION+0.4%

Quad 2 — REFLATION. Growth +0.4%, inflation +0.4%.

Macro Compass chart
Equities
Weighted S&P Advance/Decline Mixed
CAP-WT+0.03% EQ-WT-0.28% SECTORS11 ETFs

Cap-weighted breadth +0.03% from open. Equal-weight -0.28%. Mixed.

Weighted S&P Advance/Decline chart
Equities
Credit Stress NORMAL
HYG/LQD0.74 Z-SCORE-0.3σ SIGNALNEUTRAL

Credit spreads today (2026-05-26): the HYG/LQD ratio is 0.7371, with duration-residual z-scores of -0.25σ over 1 year and +1.04σ over 3 years. Spread regime NORMAL (day 6) maps to a NEUTRAL credit read.

Credit Stress chart
Credit
Yield Curve BEAR FLATTENER
2Y4.13% 10Y4.56% 10Y–2Y+0.43%

Short-end yields are rising faster than the long end, narrowing the spread while rates rise overall.

Yield Curve chart
Credit