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 | $759.83 | +2.21B | Dealers long gamma | $750.97 (spot above) | $762 +0.29% · OI 12,953 | $755 -0.64% · OI 1,804 | $762 |
| SPY | $779.89 | +8.74B | Dealers long gamma | $771.93 (spot above) | $782 +0.27% · OI 6,200 | $772 -1.01% · OI 4,897 | $782 |
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.