S&P hits a key level, bulls take the lead The S&P 500 has staged a strong rebound for three consecutive trading days, precisely reaching the 7600 Gamma resistance level. Above 7650, GEX quickly decreases, while Call flows above 7600 are becoming balanced between buying and selling, indicating that the short-term upward momentum in the derivatives market is encountering a resistance wall here. This area poses significant short-term resistance, and the market may enter a consolidation phase rather than continuing to rally blindly. If there’s a pullback, it’s a good opportunity to go long again. VIX has also been pushed back near 15, entering a short-term oversold zone. Historically, as long as VIX doesn’t regain a foothold above 20, it’s more likely to oscillate within the 15–18 range, and the market is unlikely to re-enter panic mode in the short term. On the macro front, U.S. July ISM manufacturing and services data exceeded expectations, with production, new orders, and employment all improving across the board, reflecting the resilience of the U.S. economy. Demand for AI semiconductors, data centers, and defense remains strong, but cost pressures and supply chain constraints suggest inflation won’t disappear easily. On individual stocks: PLTR’s earnings once again beat expectations, with 160 as the next key target. If it pulls back to the 135–140 range, that’s a good spot to go long. NOW’s post-earnings performance is also very strong, with the largest Gamma concentrated at the 120 strike (intraday high reached 119.63). Strong bullish Call flows have been captured between 120–130. The stock has regained multiple moving averages, and funds continue to flow into the software sector.