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 | $729.97 | +1.55B | Dealers long gamma | $722.67 (spot above) | $735 +0.69% · OI 4,613 | $725 -0.68% · OI 4,433 | $735 |
| SPY | $772.70 | +1.39B | Dealers long gamma | $771.03 (spot above) | $777 +0.56% · OI 4,900 | $770 -0.35% · OI 5,272 | $775 |
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.