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 | $745.40 | +1.92B | Dealers long gamma | $736.82 (spot above) | $749 +0.48% · OI 4,819 | $727 -2.47% · OI 31,066 | $740 |
| SPY | $772.04 | +3.05B | Dealers long gamma | $768.00 (spot above) | $773 +0.12% · OI 4,705 | $770 -0.26% · OI 3,072 | $770 |
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.