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 | $719.02 | -0.97B | Dealers short gamma | $726.11 (spot below) | $720 +0.14% · OI 4,576 | $705 -1.95% · OI 10,807 | — |
| SPY | $767.50 | -1.39B | Dealers short gamma | $769.78 (spot below) | $770 +0.33% · OI 4,562 | $766 -0.20% · OI 2,191 | — |
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.