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 | $709.60 | -0.24B | Dealers short gamma | $710.67 (spot below) | $715 +0.76% · OI 2,865 | $708 -0.23% · OI 2,435 | — |
| SPY | $765.37 | -1.19B | Dealers short gamma | $767.69 (spot below) | $766 +0.08% · OI 3,373 | $760 -0.70% · OI 4,360 | — |
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.