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 | $739.41 | +0.01B | Dealers long gamma | $739.39 (spot above) | $745 +0.76% · OI 11,725 | $736 -0.46% · OI 22,084 | $736 |
| SPY | $765.91 | -1.64B | Dealers short gamma | $767.50 (spot below) | $772 +0.79% · OI 28,410 | $760 -0.77% · OI 30,041 | — |
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.