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 | $722.10 | -4.09B | Dealers short gamma | — | $743 +2.89% · OI 3,453 | $720 -0.29% · OI 2,325 | — |
| SPY | $767.13 | -7.69B | Dealers short gamma | $776.94 (spot below) | $772 +0.63% · OI 1,501 | $766 -0.15% · OI 4,477 | — |
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.