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 | $714.25 | -0.38B | Dealers short gamma | $723.74 (spot below) | $718 +0.53% · OI 1,442 | $705 -1.30% · OI 3,274 | — |
| SPY | $767.00 | -1.85B | Dealers short gamma | $772.59 (spot below) | $772 +0.65% · OI 9,294 | $765 -0.26% · OI 13,791 | — |
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.