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 | $724.33 | -3.66B | Dealers short gamma | $742.12 (spot below) | $730 +0.78% · OI 22,102 | $720 -0.60% · OI 20,099 | — |
| SPY | $770.32 | -5.30B | Dealers short gamma | $774.51 (spot below) | $775 +0.61% · OI 31,278 | $770 -0.04% · OI 27,865 | — |
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.