A few things to know before the opening next week Core signal: S&P Gamma shifts from low to high, market betting on continued rebound The US stock market quickly rebounded 170 points from the plunge after the Federal Reserve's FOMC. The concentration of Gamma has rapidly shifted upwards from its previous low, with the largest positive Gamma currently concentrated at the S&P 7500 level, followed by 7550 and 7600, indicating that derivative traders are quietly positioning themselves to impact the 7500 to 7600 range for next week's opening. VIX has continued to decline in the past three days, being suppressed below the 20 level again, and the market has returned to a typical volatility compression environment. Geopolitics: Trump claims to have canceled strikes on Iran, but Iran directly refutes it Trump posted on social media that the planned strike against Iran has been cancelled and that the two sides have reached a framework agreement, including the full restoration of passage through the Strait of Hormuz and the elimination of Iran's nuclear threat. But Iranian military and diplomatic officials have refuted this claim, calling it a psychological warfare and fantasy list, emphasizing that no agreement has been accepted and the Strait of Hormuz is still under security control. They also stated that the US cancelled the strike because the Middle East air defense system has been exhausted. The US State Department has issued a security warning to American citizens in the Middle East, indicating that geopolitical uncertainty remains high. US bond yields skyrocket, unexpectedly reigniting expectations of interest rate hikes The yield of the 30-year treasury bond bond of the United States hit 5.27%, the highest level since June 2007. What is even more alarming is that after the Federal Reserve remained inactive, yields rose instead of falling. At present, market traders' expectations of a September interest rate cut have been shattered, with a 72% probability that the Federal Reserve will raise interest rates by 25 basis points. The 30-year mortgage rate is approaching 7% to 8%, which has suppressed real estate and consumer credit. Wall Street's confidence in the Federal Reserve's policy path is clearly wavering, which is also a core macro variable that needs to be continuously tracked in the coming weeks. For the first time in 15 years, the United States and Japan have jointly intervened in the foreign exchange market After the Bank of Japan sold $59 billion to buy Japanese yen, the New York Federal Reserve and the Federal Reserve rarely joined forces to sell euros/dollars to buy Japanese yen. This is the first joint intervention in the Japanese yen exchange rate by the United States and Japan since 2011, and another coordinated action at the central bank level after the previous joint intervention by Japan and South Korea. This frequent intervention disrupts the rhythm of arbitrage trading, and the pressure may further transmit to the volatility of yields in the US Treasury market, which deserves continued attention. S&P technical aspect: SPY 749-750 is a key watershed The range of 749 to 750 above is a strong psychological and technical resistance level. Currently, it is trading at 751 at night, and we will see if it can be maintained above tomorrow's opening. Multiple previous attempts have failed (including hitting intraday highs on July 22 and falling back after last Friday), but if it can truly break through, the market will quickly challenge the historic high of 760.40. Below 740 to 741 is short-term double bottom support. If it falls below, the market will drop to 736 or even the recent low of 727. Gold: Positive Gamma Recovery, Heavy Long Capital Flow in Options Market GLD is trying to form a larger bottom, Gamma concentration is starting to turn positive again, and there is a very obvious net inflow of funds in the options market (call increase, put sell), with forward targets directly pointing to exercise prices of 400 or even 500, with a single fund volume of over 30 million US dollars. If GLD can successfully break through and stabilize in the resistance zone of 370 to 375, it will continue to surge towards 400, making it an independent observation target outside of the stock market. The current decline in the US dollar and the rise in the bond market are good news for gold. This week's macroeconomic data is intensifying with financial reports In terms of macro data, this week's JOLTs job vacancies, ISM service PMI, and Friday's non farm payroll report will verify whether the current expectation of interest rate hikes is reasonable. Financial report aspect Announced after Palantir hours on Monday. Tuesday is the focus of the week, with AMD and SpaceX (the first batch of financial reports after their new listing), Arista, Astera Labs, and Kratos all announcing after hours. I will pay close attention to AMD's financial report. The stock price is currently fluctuating between 460-580, and has been in a sideways trend for the past two months. Gamma is mainly concentrated at 500 (maximum), 450, and 600. However, the net funds for options on Friday showed a negative trend, with Put buy and Call sell orders dominating. The negative Gamma at 450 and 400 indicates a cautious market sentiment, which is a critical turning point. If the financial report falls short of expectations, it may trigger a continuation of the downward trend. Wednesday is the financial report for storage/semiconductor industry chains such as SanDisk and Western Digital. Before Thursday's trading session, it was Datadog, and after Thursday's trading session, it was AAOI.