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 | $747.58 (spot from prior close) | -2.13B | Dealers short gamma | $754.97 (spot below) | $754 +0.86% · OI 20,229 | $744 -0.48% · OI 8,149 | — |
| SPY | $773.93 (spot from prior close) | -1.19B | Dealers short gamma | $774.66 (spot below) | $780 +0.78% · OI 39,116 | $767 -0.90% · OI 70,342 | — |
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.