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 | $709.46 | -0.94B | Dealers short gamma | $712.60 (spot below) | $715 +0.78% · OI 5,093 | $706 -0.49% · OI 1,792 | — |
| SPY | $757.38 | -5.99B | Dealers short gamma | $766.34 (spot below) | $760 +0.35% · OI 4,826 | $755 -0.31% · OI 3,505 | — |
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.