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 | $716.25 | +0.67B | Dealers long gamma | $710.89 (spot above) | $720 +0.52% · OI 9,314 | $710 -0.87% · OI 9,454 | $720 |
| SPY | $769.33 | -1.26B | Dealers short gamma | $770.95 (spot below) | $770 +0.09% · OI 10,476 | $760 -1.21% · OI 37,007 | — |
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.