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 | $706.90 | -1.59B | Dealers short gamma | $719.07 (spot below) | $715 +1.15% · OI 6,265 | $705 -0.27% · OI 26,435 | — |
| SPY | $757.53 | -4.92B | Dealers short gamma | $768.81 (spot below) | $765 +0.99% · OI 9,372 | $755 -0.33% · OI 35,224 | — |
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.