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 | $681.45 | -1.06B | Dealers short gamma | $692.26 (spot below) | $690 +1.25% · OI 4,268 | $680 -0.21% · OI 6,821 | — |
| SPY | $754.53 | -3.86B | Dealers short gamma | $760.55 (spot below) | $759 +0.59% · OI 6,217 | $750 -0.60% · OI 9,090 | — |
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 · pre-open snapshot
Full report: Morning report
Research output, not investment advice.