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 | $718.75 | +2.67B | Dealers long gamma | $705.16 (spot above) | $720 +0.17% · OI 16,078 | $710 -1.22% · OI 7,196 | $720 |
| SPY | $769.80 | +1.66B | Dealers long gamma | $767.35 (spot above) | $770 +0.03% · OI 15,511 | $765 -0.62% · OI 9,920 | $770 |
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.