Dealer gamma exposure (DTE≤7), zero-gamma flip level and gamma-weighted call / put walls.
| Symbol | Spot | Net GEX ($B per 1%) | Regime | Zero-gamma flip | Call wall | Put wall | Pin |
|---|---|---|---|---|---|---|---|
| QQQ | $718.76 | -1.14B | Dealers short gamma | $722.09 (spot below) | $722 +0.45% · OI 3,838 | $716 -0.38% · OI 2,164 | — |
| SPY | $770.01 | -0.04B | Dealers short gamma | $770.04 (spot below) | $775 +0.65% · OI 7,564 | $770 -0.00% · OI 6,044 | — |
Positive gamma: dealers sell rallies and buy dips, damping moves. Negative gamma: dealers chase, amplifying moves.
Walls are gamma-weighted, not raw OI. 503-day test: a NEAR call wall is real resistance and breakouts through it run shorter; a FAR call wall breaks more often (a volatility tell). Put walls show no measurable support.
DTE≤7 · Walls use the front expiry · post-close snapshot
Full report: Morning report · Evening report
Research output, not investment advice.