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 | $704.66 | -0.08B | Dealers short gamma | $707.58 (spot below) | $710 +0.76% · OI 766 | $700 -0.66% · OI 2,007 | — |
| SPY | $763.14 | -2.01B | Dealers short gamma | $774.32 (spot below) | $765 +0.24% · OI 2,329 | $762 -0.15% · OI 1,317 | — |
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.