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 | $743.90 | -1.23B | Dealers short gamma | $748.52 (spot below) | $747 +0.42% · OI 892 | $740 -0.52% · OI 11,925 | — |
| SPY | $777.28 | +1.96B | Dealers long gamma | $775.28 (spot above) | $778 +0.09% · OI 3,165 | $777 -0.04% · OI 2,967 | $777 |
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.