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 | $715.79 | +1.46B | Dealers long gamma | $712.33 (spot above) | $720 +0.59% · OI 32,431 | $710 -0.81% · OI 37,988 | $710 |
| SPY | $762.08 | -1.30B | Dealers short gamma | $763.67 (spot below) | $765 +0.38% · OI 26,988 | $760 -0.27% · OI 70,918 | — |
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.