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 | $679.24 | -0.22B | Dealers short gamma | $683.38 (spot below) | $680 +0.11% · OI 2,402 | $675 -0.62% · OI 6,663 | — |
| SPY | $752.56 | -1.04B | Dealers short gamma | $755.60 (spot below) | $755 +0.32% · OI 1,849 | $750 -0.34% · OI 3,845 | — |
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.