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 | $710.66 | -2.44B | Dealers short gamma | $719.72 (spot below) | $720 +1.31% · OI 21,971 | $700 -1.50% · OI 69,545 | — |
| SPY | $762.88 | -5.69B | Dealers short gamma | $768.64 (spot below) | $770 +0.93% · OI 30,568 | $760 -0.38% · OI 22,906 | — |
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.