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 | $722.05 | +1.09B | Dealers long gamma | $716.74 (spot above) | $724 +0.27% · OI 3,506 | $715 -0.98% · OI 20,775 | $715 |
| SPY | $762.98 | +0.49B | Dealers long gamma | $762.31 (spot above) | $770 +0.92% · OI 31,504 | $755 -1.05% · OI 13,435 | $770 |
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.