.Here are the details on the various gamma strikes and sizes courtesy of Nomura's Charlie McElligott who notes that the largest SPX strike is at 4100 ($4.1B), and from there it's the 4050 strike ($3.0B) to the downside and 4200 ($2.8B) and 4150 ($2.5B) to the upside.But the most extreme reads are not in spoos, but in legacy "duration-sensitives" macro-regime of "secular growth" Nasdaq/QQQ, where (negative) $Gamma of -$884mm is 0.7%ile since 2013, and where (negative) $Delta is -$18.7B / 2.0%ile since '13. Which may explain why tech stocks have had such a tough time finding upward momentum in recent months.

This, together with the previously discussed "gamma tilt" would suggest downside risk in tomorrow's op-ex.

However, as Nomura's McElligott writes in his morning notes, there is some incrementally "bullish" stuff happening, and the potential for a marketwide "crash up" is growing:

First, the S&P 500 has withstood waves of macro- and idiosyncratic- shocks, where despite the post CPI "inflation scare" causing a systematic deleveraging in a number of legacy "long Equities" positions across CTAs and mechanical exposure reduction from Vol Control / Tgt Vol, not to mention the rolling waves of speculative liquidations in crypto, meme-stocks and unprofitable tech high valuation names in recent weeks, we remain just 2.5% from all-time highs in SPX