For the 2026-10-28 weekly expiry, the GEX profile implies that $400 is no longer the immediate ceiling; it is more likely a gamma “magnet” below spot, while resistance shifts toward $410–$420.
Tesla (TSLA)
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was $407.46 , already 1.83% above $400 . Net GEX was positive at about +109.9 million , and spot was above the $391.58 zero-gamma level by 3.90% . That combination generally favors dealer hedging that dampens intraday moves rather than accelerates them.
The $400 call wall is still the largest single call-GEX concentration, so it can act as a pivot/pinning level on pullbacks. But once price holds above it, the hedging flow associated with that strike is less likely to cap upside directly.
The next meaningful call-GEX concentrations are $410 and $420 . Open interest also peaks at $420 calls (4,939 contracts) , slightly above $400 calls (4,776). Therefore, $410 is the nearer friction point and $420 the more substantial near-term upside supply/positioning zone .
The $395 put
Why Pump Tesla
@OptionsDelta：$Tesla Motors(TSLA)$ The reason is simple: Tesla's year-to-date return is still negative, down 9%. Can Musk tolerate that? So it's very simple to stay bullish on Tesla — enough to sell at-the-money puts like $TSLA 20261106 400.0 PUT$ . Yes, there was a big sell call order at 440: $TSLA 20270115 440.0 CALL$ . But I don't think it's a big problem. For a more conservative put sale, you can pick the 380 or 390 strike: $TSLA 20261106 380.0 PUT$ . Also, watch heavyweight stocks that still haven't turned positive for the year. They're probably the next group to get pumped. $Intel(INTC)$ The bulls see Monday's rally as short-term short covering. A bull call spread was opened: buy 95 call $INTC 20261030 95.0 CALL$ , sell 105 call $INTC 20261030 105.0 CALL$ . These same-day-expiry bullish big orders are usually closed 1–2 days after opening — today or tomorrow. On a monthly view, the expectation is Intel reaches 98 by November: $INTC 20261120 98.0 CALL$ to 115. This bounce is smaller than September's high. Sadly, Intel probably won't make a new high this year. Who would've thought that by year-end everyone suddenly got poor — so poor that even gold can't rally. $SPDR S&P 500 ETF Trust(SPY)$ Good news: the 100K-contract this-week 755–745 put spread was closed. Bad news: bears opened a new November 750–725 put combo: $SPY 20261120 750.0 PUT$. Good news: the bearish position was opened as a spread, not single legs, and the contract count is lower than before. That shows bears lack confidence. Bad news: bulls lack confidence too — call opening volume is still below put opening volume. Overall, this fits a bottoming setup. Now just see if it can bounce back above 770. If it can't, it still has to fall. $Invesco QQQ(QQQ)$ QQQ's opening activity is similar to SPY. The difference is there's always a mysterious big player lurking in QQQ. For example, on Monday someone opened same-day-expiry bullish 720 calls: $QQQ 20261030 720.0 CALL$ . $VanEck Semiconductor ETF(SMH)$ There aren't really any serious bearish big orders in the semi ETF now — just some call selling. Overall, the market thinks this semi bounce is limited, which fits the idea at the top: take care of the heavyweight stocks that are lagging in gains. But how the trend actually goes still needs more watching.
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