📊 B3 Closing & Market Gamma (GEX) Analytical Mapping — 06/11/2026

📈 1. Market Summary (Closing: 06/11/2026)

The Ibovespa operated in a strong relief rally this Thursday, closing with a significant high of 1.71%, at 171,497.24 points. The index opened flat and remained sideways in the morning due to higher-than-expected US Producer Price Index (PPI) data (+1.1% in May). However, it accelerated strongly in the afternoon, touching the high of 171,926.72 points and reclaiming the important psychological level of 171k.

The major driver of the day was the sign of a truce in the Middle East. US President Donald Trump announced the cancellation of retaliatory airstrikes against Iran, citing that negotiators had made significant progress toward a preliminary peace consensus. The announcement triggered an immediate global rotation into risk assets and a strong short covering in emerging markets.

📊 Closing Panel

• Ibovespa (IBOV): ▲ +1.71% (171,497.24 points)
• Commercial Dollar: ▼ -1.40% (quoted at R$ 5.1000 — disinflating rapidly after the recent stress).
• DI January 2031 (Long Contract): ▼ 13.81% (significant retreat tracking the drop in global risk perception).
• Brent Crude Oil: ▼ -2.15% (retreated to the US$ 92.20 range reflecting the cooling of tensions in the Strait of Hormuz).

🚀 Key Assets Dynamics

• Financial Sector: Led the index's support and traction throughout the afternoon rally. Itaú Unibanco (ITUB4) and Bradesco (BBDC4) recorded gains en bloc with strong domestic and foreign institutional buying flow volume.
• Raízen (RAIZ4): ▲ +4.55% — Ranked among the most traded stocks of the session, driven by favorable operational prospects and tactical buying flow in the biofuels sector.
• Petrobras (PETR4): Operated in mixed volatility, but secured a positive sign at the close, managing to absorb the international drop of over 2% in Brent crude oil thanks to strong local flow.
• Braskem (BRKM5): In corporate highlight after the Shine I fund filed the registration request for the OPA (Public Acquisition Offer) of shares, concluding the transition of the petrochemical company's control previously held by Novonor.

🔍 2. Market Gamma (GEX) Analytical Mapping — June Series

The vigorous 1.71% pull in the Ibovespa today provoked a strangulation of short positions (Short Squeeze) and pushed the index exactly to the technical equilibrium point in the derivatives ecosystem.

📐 Structural GEX Overview (IBOV & Key Assets)

Classical Market Gamma mathematical model:

Closing at 171,497 points, the market aggregate eliminated the seller deficit, registering a Net GEX of R$ 0.00 (Absolute Neutral / Exact Gamma Flip Pivot Point).

                  ACTIVE FLIP ZONE (ZERO GAMMA)
 ◄───────────────────────────────■───────────────────────────────►
 168.2k                        171.5k                           174.5k
 [Today's Low]             [Closing Price]                 [Calls Ceiling]

🚨 1. Market Regime: Gamma Flip Point (Zero GEX)

The Ibovespa nailed its closing precisely on the Gamma Flip Point (171,500 points). In the Zero GEX region, the market is temporarily free from the directional mechanical forces of the Market Makers. However, this is an unstable equilibrium zone:

• Any gap opening above 171,500 triggers the Long Gamma regime (volatility damper and upward attraction).
• Any retreat below 171,500 reactivates the Short Gamma regime (automatic selling trigger and intraday volatility increase).

🎯 2. Open Interest Concentration (Friction Zones for Expiration)

• Magnetic Pivot Point: The 171,500 - 172,000 points line holds the highest volume of options with delta variations in the current series. Institutional desks will seek to defend or pull the index to this core with the goal of "worshipping" the time decay (Theta) of ATM options in the next sessions.
• Volatility Tail Support: Removed the immediate risk of institutional Puts that threatened the 168k support. The statistical protection floor was safely shifted to the 168,500 points range.
• Upper Gamma Resistance: Severe blockage of long volatility institutional positions stabilized at the 174,500 points wall.

📊 Skew and GEX Breakdown by Leading Assets

A. VALE3 (Ref Price: R$ 62.88)

• Total GEX: +R$ 290 million (Moderate Long Gamma).
• Positioning Analysis: The stock orbited in tactical stability. The Market Makers acted neutrally, dampening oscillations around R$ 63.00, which concentrates significant Open Interest of call and put options. The volatility Skew exhibits a symmetrical behavior for the June expiration.

B. PETR4 (Ref Price: R$ 38.90)

• Total GEX: +R$ 610 million (Consolidated Long Gamma).
• Positioning Analysis: The stock proved extremely resilient in absorbing the Brent retreat. The institutional market removed OTM bear put spread orders in the June series. There is strong technical anchoring and robust volumetric support at the R$ 38.50 line, decreasing tail risk and maintaining the Skew inclination favorable to long treasuries.

C. ITUB4 (Ref Price: R$ 34.42)

• Total GEX: +R$ 180 million (Return to Long Gamma).
• Positioning Analysis: The stock cleared yesterday's Short Gamma signal by breaking R$ 34.20 with institutional volume. The strong concentration of bets in the R$ 34.50 range indicates a high probability of the asset suffering the "Pinning" effect (exchange locking by attraction), oscillating in a narrow margin until expiration to melt the premium of dry option buyers.

🛠️ 3. Structural Recommendations and Portfolio Management

1. Leverage the Flip Point for Structured Assembly (July Series): Given the closing exactly at Zero GEX and the proximity of the June expiration, it is recommended to start the institutional position rollover process. The significant retreat in intraday implied volatility (IV Crush) favors the purchase of structured volatility or horizontal spreads in the next series.
2. Risk Control in CXSE3: It is recommended to maintain the monitoring of short tactical stops at local support lines, using the favorable reconfiguration of the global macro risk premium to optimize hedge points in dividend portfolios.