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 | $684.00 | +0.38B | Dealers long gamma | $674.68 (spot above) | $685 +0.15% · OI 2,432 | $670 -2.05% · OI 2,838 | $685 |
| SPY | $756.10 | +0.28B | Dealers long gamma | $755.27 (spot above) | $759 +0.38% · OI 3,545 | $744 -1.60% · OI 13,012 | $760 |
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.