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 | $704.30 | -3.61B | Dealers short gamma | $730.69 (spot below) | $710 +0.81% · OI 7,812 | $700 -0.61% · OI 42,068 | — |
| SPY | $764.73 | -5.53B | Dealers short gamma | $771.97 (spot below) | $770 +0.69% · OI 22,831 | $760 -0.62% · OI 33,031 | — |
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.