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 | $708.88 | -0.23B | Dealers short gamma | $714.70 (spot below) | $711 +0.30% · OI 2,080 | $708 -0.12% · OI 1,326 | — |
| SPY | $765.00 | -3.78B | Dealers short gamma | $772.49 (spot below) | $769 +0.52% · OI 1,899 | $762 -0.39% · OI 2,646 | — |
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.