Today's Summary of US Stocks VIX is still at a low level, and the market has not turned short, but SPY and QQQ are stuck in the high range, continuing to fluctuate in the short term, waiting for CPI to break the balance. VIX has not issued a risk signal VIX closed at 15.29, at a relatively low level this year, while continuing to be below the 10 day, 20 day, and 50 day moving averages. There are still a large number of negative GEX near Strike 15, and the cash flow continues to be bearish, mainly due to people selling VIX calls. Vol sellers still control the market. In the past four to five months, the VIX has mostly been below 20, which is usually more prone to volatility and buying on dips, and will not suddenly evolve into a sustained panic decline. So although the index is not rising at the moment, at least from the perspective of volatility structure, we have not yet seen a true large-scale risk off signal. SPY: 770 is the first line of defense, 760-767 are the positions I really want to buy SPY is collected around 772.8. After a continuous rise earlier, it is now clearly entering a high level of consolidation. The short-term Gamma is mainly concentrated in the range of 770-780, and the Put Wall has also moved up to 770, so it is not surprising that it has been fluctuating around this area recently. The most typical feature of a positive gamma environment is that there are people pushing up when it rises, and people taking over when it falls. So now the first layer of SPY support looks at 770. If 770 cannot hold, the important support level below is 760-767. In the long run, the largest Gamma on the options chain is still concentrated at 800, so the overall direction is not bad. There may be another short-term retracement, as long as 760-767 hasn't really fallen, it's still consolidation, not a trend reversal. QQ: 725 has been difficult to pass, 700 is the truly important support QQ is currently around 718. The price of 725 has been suppressed multiple times in a row, becoming the most obvious resistance in the short term. There are both the largest Gamma support and gaps, as well as multiple upward moving averages around 700 below. So now QQ is actually caught in a very clear range of 700-725. Recently, Call and Put flows have also been switching back and forth, without forming a particularly obvious unilateral direction. In addition, with the significant decrease in trading volume before CPI, the market is also unwilling to bet in advance. So I think it's very normal to continue digesting at 700-725 for the next one or two weeks. Tomorrow's CPI is a catalyst to break the interval oscillation JPMorgan currently expects: Headline CPI MoM +0.12%，YoY 3.4% Core CPI MoM +0.22%，YoY 2.5% The key threshold they provided is Core CPI 0.20%. If it reaches 0.20% or below, risk assets are more likely to experience a wave of Risk On Rally. If it is significantly higher than 0.20%, the market is more likely to trade downwards in the short term. At present, the options market is pricing CPI with a fluctuation of around 0.9% on that day. But there is an important background here: the current hedge of institutions is clearly biased towards the downside. That is to say, many downside risks have already been protected in advance. So if the CPI is not particularly bad in the end, it is easy to experience hedge headwind and push the index upwards. There is another easily overlooked risk in CPI: gasoline prices The average crude oil price in July actually decreased by about 3% compared to June. But retail gasoline prices have actually increased by about 5%. That is to say, crude oil prices may not seem very strong, but the energy costs faced by consumers have not decreased synchronously. If this part enters CPI, it may make the data more sticky than market expectations. In addition, with the recent resurgence of oil prices, short-term inflation risks have not completely disappeared. There is also a very important variable for today's late decline: treasury bond auction After noon, the demand for bond auctions is not particularly strong, and US bond yields have risen again. As the yield increased, Equity Risk Premium was compressed, macro books began to reduce risk, and SPY and QQ were naturally hit in the late trading session. In terms of individual stocks AMZN After the AMZN financial report, there is now a noticeable consolidation. The current price is around 272, with short-term Gamma mainly concentrated between 270-280. In the forward options chain, the trading volume and positive Gamma of 300 strike are significantly increasing, so it is clear that there are still people in the market who are planning to invest in 300 strike. But I still don't want to pursue here. A more comfortable location is around 4 hours EMA 21, approximately 266. If we could further return to the daily EMA21, I think the odds would be even better. I am considering laying out a bullish spread with virtual values and playing games to drive up the 300 yuan market. Nvda Similarly, considering the bearish bullish spread before the financial report layout, the game will rebound to the previous high of 236. SMCI Revenue is strong, EPS significantly exceeds expectations, and the backlog and full year guidance are also very exaggerated. But the market still needs to verify whether the improvement in gross margin can be sustained. CRWV After the CRWV financial report, there was a significant surge, which is a strong read through for both Neocloud and AI Infra as a whole. The demand has not slowed down, the real bottleneck is still the speed of electricity and computing power going online. This is positive for similar companies such as NBIS and IREN.