SPX Swing Flipped Back Bullish. 7,300 GEX Anchor Pulling It Up. RUT Bear TnT Didn’t Even Develop. AMD Walked The Room.

The bullish insanity continues. Overnight we are already seeing a bump to yet another new all-time high on SPX, Naz, Rus. Dow is still lagging and it would not surprise me if the rising tide brings all the ships up to a NATH and then we see this house of cards collapse.

BTC is breaking out of a rising channel and set to challenge $100K again.

Gold is turning around at the range lows with a lovely V-entry for a push to $5K.

Over on the swings, I did think we would see SPX push lower a little, but it is looking like the 7,300 GEX anchor is pulling this up. We can still meander sideways between these two levels and what happens at 7,300 is going to be crucial. The swings flipped back to bullish.

RUT didn’t even give me a minute to trade the Tag ‘n Turn bear before flipping back to bullish. Saving me a bit of a headache.

In both cases the MACD-V being at a bullish extreme suggests more upside. The pre-market is not disappointing.

In the wider world, AMD walked the room last night. Q1 EPS $1.37 versus $1.25 consensus. Revenue $10.25B up 38%. Data center $5.8B up 57%. Q2 guide $11.2B at 56% margin. Stock jumped 15% in extended trade on top of the 66% it had already added year-to-date entering the print. Under normal circumstances that would qualify as priced in. These are not normal circumstances.

Iran spent Monday firing drones at the UAE’s Fujairah fueling hub. Defense Secretary Hegseth said the ceasefire holds. Oil obliged. WTI fell 3.9%. Brent dropped 4%. Markets, naturally, picked the more bullish version. The tape priced peace before peace exists.

Today: Disney, Uber, Arm Holdings, Novo Nordisk, AppLovin, CVS, Marriott report. Friday: NFP at consensus 49K. Twelve months ago that number meant recession. Today it means the soft landing. Same number. Different theology.

Market Briefing:

• Tuesday close: SPX 7,259.22 (+0.81%) fresh ATH / Nasdaq +0.52% to 28,282 on the AMD halo / RTY led

• Wednesday pre-market: ES 7,308.50 (+0.18%) NATH / NQ 28,355.25 (+0.52%) NATHs / RTY 2,860.8 (+0.41%) NATH / YM 49,528 (+0.27%) still lagging

• 30-minute SPX: swings flipped back bullish / 7,300 GEX anchor pulling price up / sideways meander between 7,200 and 7,300 still possible / 7,300 is the crucial level

• 30-minute RUT: bear TnT didn’t even develop / flipped back to bullish / Bullish Above (Flipped) at 2,842.97 / headache saved

• MACD-V at bullish extreme on both SPX and RUT / research suggests more upside

• AMD Q1: EPS $1.37 vs $1.25 / Revenue $10.25B vs $9.89B (+38% YoY) / Data Centre $5.8B (+57% YoY) / Q2 guide $11.2B at 56% margin / +15% AH on top of +66% YTD

• Iran fired drones at Fujairah fueling hub Monday / Hegseth said ceasefire holds / WTI -3.9% to $102.27 / Brent -4% to $109.87

• Today: Disney, Uber, Arm, Novo Nordisk, AppLovin, CVS, Marriott pre-market

• Friday: NFP consensus 49K / Warsh confirmation queued same window

• BTC $81,851 breaking out of rising channel toward $100K

• Gold $4,688.50 (+2.64%) V-entry at range lows targeting $5K

• VIX 16.95 (-2.42%) collapsing on truce-as-gospel pricing

• GEX: 7,300 dominant new anchor with 7,200 OG anchor still major / range development between continues

Market Snapshot

• ES: 7,308.50 / +0.18% / NATH / 7,300 GEX anchor in play

• YM: 49,528 / +0.27% / Dow still lagging

• NQ: 28,355.25 / +0.52% / NATHs on AMD halo

• RTY: 2,860.8 / +0.41% / NATH / channel breakout

• GC: 4,688.5 / +2.64% / V-entry from range lows targeting $5K

• CL: 98.69 / -3.89% / Hegseth ceasefire holds

• VIX: 16.95 / -2.42% / truce-as-gospel pricing

• BTC: 81,851.49 / +1.17% / breaking rising channel toward $100K

Tag ‘n Turn

SPX: Swings flipped back bullish. 7,300 GEX anchor pulling price up. Sideways meander between 7,200 and 7,300 still possible. 7,300 is the crucial level.

RUT: Tag ‘n Turn bear didn’t even develop. Flipped back to bullish. Headache saved. Bullish Above (Flipped) 2,842.97.

The bullish insanity continues. The expected push lower on SPX did not develop. The 7,300 GEX anchor is pulling price up and the swing position has flipped back to bullish.

RUT did not even give a minute to trade the Tag ‘n Turn bear setup before flipping back to bullish. The bear TnT window opened and closed faster than entry was possible. Headache saved.

The MACD-V is at a bullish extreme on both charts. Research on this configuration suggests more upside.

What happens at 7,300 is going to be crucial. A clean break above opens the next leg. A rejection turns the meander into a sideways grind between 7,200 and 7,300 again.

SPX Analysis

Swings flipped back bullish. 7,300 GEX anchor pulling price up. NATHs at 7,273.26 just cleared. What happens at 7,300 is crucial. MACD-V at bullish extreme suggests more upside.

The expected push lower did not develop. The 7,300 GEX anchor is doing the structural work, pulling price up rather than letting the bear push extend. The swings flipped back to bullish.

Bull thesis remains outside the range. Bear thesis remains inside the range. Price is now outside the range and bullish.

The Bullish BO + Pulse Bar from late April is the operative pattern again. Sideways meander between 7,200 and 7,300 remains possible if 7,300 caps. A clean break above 7,300 opens the next leg.

The MACD-V at bullish extreme combined with the price action confirms the read. The pre-market printing fresh NATHs on three of four indices is the leading edge of the next leg.

Current Status: Swings flipped back bullish / 7,300 GEX anchor pulling up / NATHs 7,273.26 / GEX 7,200 below as floor / MACD-V bullish extreme

Gamma Exposure

7,300 dominant anchor. 7,200 OG anchor still showing major exposure. 7,350 secondary spike above. Range development between 7,200 and 7,300 continues with crucial test at 7,300.

The GEX picture from Tuesday’s close shows 7,300 has consolidated as the dominant node with the largest aggregate gamma spike on the chart. 7,200 retains significant exposure as the OG anchor and the floor of the developing range.

7,350 has formed a secondary spike above 7,300. If 7,300 breaks cleanly, 7,350 becomes the next ceiling.

Put wall and call wall both 7,000. Gamma flip 6,563.18. IV 14.69% / IVP 62% / IV Rank 25.73%. Vol contained as the bullish continuation extends.

RUT Analysis

Bullish Above (Flipped) 2,842.97. Bear TnT didn’t even develop. Flipped back to bullish. PFZ Flip visible. Bearish TnT printed at NATHs 2,846.67 but immediately reverted. MACD-V bullish extreme.

RUT did not give a minute to trade the Tag ‘n Turn bear setup. The Bearish TnT signal printed at the 2,846.67 NATHs but the chart immediately flipped back to bullish via PFZ Flip. Headache saved.

The Bullish Above (Flipped) reads at 2,842.97. PFZ Level visible on the chart. Target Pending. NATHs at 2,846.67 sitting just above current price.

Bull thesis remains outside the range. Bear thesis remains inside the range. Price is outside the range and bullish.

The Bull Break-In, BO + PB, Bull Break-Out, and BO + Target sequence from late April-early May has resumed.

Current Status: Bullish Above (Flipped) 2,842.97 / Target Pending / NATHs 2,846.67 / RTY futures NATH 2,869.9 / MACD-V bullish extreme / bear TnT failed to develop

Rounding Off

The records. SPX closed Tuesday at 7,259.22, a fresh record. The third consecutive session at all-time highs. ES, NQ, RTY all printed NATHs overnight. The Dow is still lagging. Expert read: “it would not surprise me if the rising tide brings all the ships up to a NATH and then we see this house of cards collapse.” The MACD-V at bullish extreme on both SPX and RUT, with the research supporting more upside, is the bull case.

AMD walked the room. Q1 EPS $1.37 vs $1.25 consensus. Revenue $10.25B (+38% YoY). Data center $5.8B (+57% YoY). Q2 guide $11.2B at 56% gross margin. Stock +15% in extended trade. On top of the +66% YTD already in the price entering the print. Under normal circumstances that would qualify as priced in. These are not normal circumstances.

Iran fired drones at Fujairah Monday. Hegseth said the ceasefire holds. Oil obliged. WTI -3.9% to $102.27. Brent -4% to $109.87. Kalshi gives 56% odds the strait normalizes by August. Markets, naturally, picked the more bullish version. The tape priced peace before peace exists. Again.

BTC. Breaking out of a rising channel and set to challenge $100K again. $81,851 currently with the channel break in play. The 1 May $629M ETF inflow has set the trajectory.

Gold. Turning around at the range lows with a clean V-entry. $4,688.50 (+2.64%) currently with a push toward $5K in play.

The week. Disney, Uber, Arm Holdings, Novo Nordisk, AppLovin, CVS, Marriott report this morning. Friday: NFP consensus 49K. Twelve months ago that number meant recession. Today it means the soft landing. Same number. Different theology. Warsh confirmation queued for the NFP window.

Current Status: Swings flipped back bullish / NATHs across ES NQ RTY / Dow lagging / AMD +15% AH on top of +66% YTD / BTC channel breakout toward $100K / Gold V-entry toward $5K / NFP Friday at 49K consensus

Expert Insights

The SPX is at fresh ATH for the third consecutive session. Three of four major indices printed overnight NATHs. The MACD-V is at bullish extreme on both SPX and RUT. AMD added 15% on top of 66% YTD already in the price.

That is optimism territory by anyone’s measure. It is not euphoria. The Dow lagging, the BTC channel breakout still pending, the Gold V-entry still developing, and the NFP Friday binary all sit in front of the tape as friction points.

The discipline is to ride the move with appropriate position sizing while watching for the friction points to either confirm the optimism into the next leg or to hand the tape its first reason to pause.

The pre-market is not disappointing. The MACD-V is not disagreeing. The trade is to hold the bullish swing with the 7,300 break as the next confirmation.

[Source: Sir John Templeton, public quotation |
Federal Reserve Economic Data, public |
CME FedWatch implied probability data, public]

1 – The SPX swing trade flipping back to bullish on the 7,300 GEX anchor pull rather than the expected continuation of the bear Tag ‘n Turn lower toward 7,132 represents a configuration where the dealer-hedging gamma dynamics have functionally reversed an active price-action signal within a single 24-hour window. [Source: SpotGamma gamma exposure data, $SPX, 5 May 2026, spotgamma.com | TnT system data, proprietary]. The MACD-V reaching bullish extreme on both SPX and RUT 30-minute charts simultaneously, against a backdrop of the previous-day bear TnT failing to develop on RUT, suggests momentum signals are now confirming the gamma-anchor pull. Historical resolution data on bear TnT signals that fail to develop within 12 hours of activation suggests these typically resolve with the opposite-direction trade running an additional 1.0-1.5 ATR before any subsequent reversal attempt.

2 – AMD’s Q1 2026 earnings beat (EPS $1.37 vs $1.25 consensus, revenue $10.25B with +38% YoY growth and data center +57% to $5.8B, Q2 guide $11.2B at 56% gross margin) producing a +15% after-hours reaction on top of an existing +66% YTD performance entering the print represents one of the cleanest “priced for perfection but delivered better than perfection” outcomes of the post-2023 mega-cap technology cycle. [Source: AMD Q1 2026 earnings release, public | FactSet earnings reaction data, public, 5 May 2026]. The reaction profile contradicts the standard “buy the rumor sell the news” pattern that historically applies to stocks up 50%+ YTD entering an earnings print, suggesting the market has reset its definition of “priced in” specifically for mega-cap AI semiconductor leadership. The cross-asset implication for the Wednesday after-close earnings cluster (Disney, Uber, Arm, Novo Nordisk, AppLovin, CVS, Marriott) is that the bar has moved with AMD rather than been set by it.

3 – The simultaneous configuration of Bitcoin breaking out of a rising channel toward $100K, Gold completing a V-entry from range lows targeting $5K, and SPX/Nasdaq/Russell printing fresh NATHs in pre-market with the Dow as the sole laggard represents one of the broadest cross-asset bullish alignments observed in 2026 to date. [Source: BTC/USD price action data, public | Gold COMEX futures data, public | CME equity index futures, 6 May 2026, public]. The asymmetric risk into Friday’s NFP at consensus 49,000 versus prior 178,000 is whether a meaningful slowdown in the headline produces the soft-landing rally extension or the recession-fear rotation reversal. Twelve months ago a 49K print would have been characterised as recessionary; current consensus characterizes it as soft-landing confirmation. The change in interpretation is a change in regime, not a change in data.

In Other News…

The bullish insanity continues. The S&P closed Tuesday at 7,259.22, a fresh record. ES, NQ and RTY all printed fresh NATHs overnight. The Dow is still lagging. The rising tide may bring all the ships up to a NATH before the house of cards considers collapsing.

AMD walked the room last night. EPS $1.37 vs $1.25. Revenue +38% to $10.25B. Data center +57% to $5.8B. Q2 guide $11.2B at 56% margin. Stock +15% in extended trade on top of the +66% YTD already in the price. Under normal circumstances that would qualify as priced in. These are not normal circumstances.

Iran fired drones at the UAE’s Fujairah fueling hub Monday. Defense Secretary Hegseth said the ceasefire holds. Oil obliged. WTI -3.9%. Brent -4%. The tape priced peace before peace exists. Markets, naturally, picked the more bullish version.

BTC is breaking out of a rising channel and set to challenge $100K again. Gold turning around at the range lows with a clean V-entry targeting $5K. VIX collapsed 4.98% to 17.38 yesterday and is fading further today. The volatility crowd has accepted the truce trade as gospel.

Disney, Uber, Arm Holdings, Novo Nordisk, AppLovin, CVS, Marriott report this morning. The bar moved with AMD, not by it.

NFP Friday at consensus 49,000. Twelve months ago that number meant recession. Today it means the soft landing. Same number. Different theology. Warsh confirmation queued for the same window.

The swings flipped back to bullish. The 7,300 GEX anchor is doing the structural work. The RUT bear TnT didn’t even give a minute to trade before flipping back. Headache saved. The pre-market is not disappointing.

Fun Fact:

AMD’s Q1 2026 results delivered an after-hours stock reaction of +15%, layered on top of an existing +66% year-to-date performance entering the print. The combined +66% YTD plus +15% AH represents a cumulative move of approximately +91% from the 1 January 2026 starting price to the post-print after-hours level, achieved within the first 95 trading days of the calendar year.

FactSet historical reaction data shows that mega-cap technology stocks delivering double-digit positive after-hours reactions when entering their print already up 50%+ YTD occur in fewer than 4% of Q1 earnings sessions in the post-2010 cycle, and historically resolve with sustained sector leadership extension over the following 30 trading sessions rather than mean-reversion sell-offs.

[Source: AMD Q1 2026 earnings release, public |
FactSet historical earnings reaction data, public]

Trade well,
T2 Markets

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