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 | $722.85 | -0.83B | Dealers short gamma | $728.03 (spot below) | $730 +0.99% · OI 4,385 | $720 -0.39% · OI 3,335 | — |
| SPY | $770.73 | -0.45B | Dealers short gamma | $771.42 (spot below) | $773 +0.29% · OI 4,013 | $768 -0.35% · OI 3,178 | — |
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.