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 | $742.80 | +1.42B | Dealers long gamma | $737.21 (spot above) | $745 +0.30% · OI 3,180 | $740 -0.38% · OI 5,057 | $740 |
| SPY | $765.54 | -0.65B | Dealers short gamma | $766.60 (spot below) | $767 +0.19% · OI 3,244 | $765 -0.07% · OI 7,499 | — |
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.