**[Analysis: S&P 500 Friday Sell-off Factor Cleared, Market Focuses on Whether Monday Buying Can Rebuild Market Structure]** BlockBeats reports that on June 7, former hedge fund analyst Alphatica noted in a weekend outlook that SPY (S&P 500 ETF Trust) closed at $737.55 on Friday, down 2.6% for the day. However, Friday's options expiration cleared the strongest accelerating factor driving the concentrated sell-off — the negative gamma of -$871 million at the $740 strike price (Gamma, the price sensitivity that market makers need to hedge due to holding options) has reset to zero with expiration. The total negative GEX (Gamma Exposure, an indicator measuring whether market maker hedging behavior buffers or amplifies volatility) dropped from an intraday peak of -$1.847 billion to -$868 million. The most intense selling pressure has dissipated, and the market has shifted from "concentrated violent sell-off" to "dispersed pressure." Several key indicators have simultaneously turned bearish: the composite score entered the bearish zone for the first time (-22.9), IV (Implied Volatility) skew reached +5.35%, the highest of this cycle, and put option premiums surged significantly, with 65% of activity on the put side and single-day put premiums reaching $3 billion. The previously dominant call option advantage during the sell-off has ended. However, rebound catalysts also exist simultaneously: the Vanna reading (an indicator measuring how changes in implied volatility affect market makers' Delta hedging demand, with positive values indicating that market makers need to buy stocks when IV decreases) reached +190,800, the strongest of the entire cycle. If IV falls from the current 15.7%, it could trigger mechanical buying by dealers. Alphatica pointed out that Monday will determine two scenarios: if institutional rebuilding of structure leads to the return of afternoon buying, this sell-off will still be classified as an amplifiable but repairable event. However, if the rebuilding fails and the $724 floor is breached, the structural characteristics will have changed, and the market logic before June 18 will need to be reassessed. [Original Link]