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 | $716.18 | -2.90B | Dealers short gamma | $730.40 (spot below) | $725 +1.23% · OI 1,223 | $715 -0.16% · OI 3,333 | — |
| SPY | $767.04 | -3.31B | Dealers short gamma | $770.70 (spot below) | $774 +0.91% · OI 5,251 | $760 -0.92% · OI 8,503 | — |
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.