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 | $705.25 | -2.56B | Dealers short gamma | $717.78 (spot below) | $710 +0.67% · OI 3,042 | $700 -0.74% · OI 6,716 | — |
| SPY | $758.23 | -5.69B | Dealers short gamma | $767.60 (spot below) | $766 +1.02% · OI 4,986 | $757 -0.16% · OI 3,138 | — |
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.