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 | $719.45 | -1.29B | Dealers short gamma | $724.78 (spot below) | $722 +0.35% · OI 12,760 | $708 -1.59% · OI 9,977 | — |
| SPY | $769.46 | -1.66B | Dealers short gamma | $771.83 (spot below) | $770 +0.07% · OI 3,901 | $769 -0.06% · OI 1,709 | — |
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.