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 | $749.56 | +1.81B | Dealers long gamma | $741.09 (spot above) | $755 +0.73% · OI 13,762 | $736 -1.81% · OI 25,633 | $755 |
| SPY | $769.75 | +2.28B | Dealers long gamma | $765.61 (spot above) | $770 +0.03% · OI 3,563 | $769 -0.10% · OI 1,739 | $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.