{
  "symbol": "SPY",
  "underlying_price": 699.29,
  "as_of": "2026-04-16T14:02:44.9565701Z",
  "narrative": {
    "regime": "Dealers are long gamma (net GEX +$14.4B) \u2014 expect mean-reverting, range-bound price action. Dealers sell rallies and buy dips, dampening volatility. VIX at 18.8.",
    "gex_change": "Net GEX is +$14.4B. No prior day data available for comparison.",
    "key_levels": "Call wall at 700, Put wall at 697, Gamma flip at 695. Spot pressing into call wall \u2014 expect strong resistance.",
    "flow": "No prior day OI data available for flow analysis.",
    "vanna": "Negative vanna (-$186.7B) with VIX at 18.8 \u2014 vol spike would trigger dealer selling, amplifying downside. Currently contained by low VIX.",
    "charm": "Negative charm (-$1.3B) \u2014 time decay pushing dealers to sell, adding pressure into close.",
    "zero_dte": "0DTE accounts for 2% of total GEX \u2014 minimal intraday impact.",
    "outlook": "Positive gamma regime. Key test at 700 call wall. Break above triggers dealer short-covering.",
    "data": {
      "net_gex": 14436964681.687096,
      "net_gex_prior": null,
      "net_gex_change_pct": null,
      "vix": 18.82,
      "gamma_flip": 694.5344758329697,
      "call_wall": 700,
      "put_wall": 697,
      "regime": "positive_gamma",
      "zero_dte_pct": 2.5,
      "top_oi_changes": []
    }
  }
}