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 | $678.22 | +0.11B | Dealers long gamma | $665.37 (spot above) | $680 +0.26% · OI 2,411 | $660 -2.69% · OI 3,732 | $678 |
| SPY | $752.51 | +0.48B | Dealers long gamma | $748.96 (spot above) | $753 +0.07% · OI 4,951 | $750 -0.33% · OI 1,541 | $750 |
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.