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 | $719.35 | +0.55B | Dealers long gamma | — | $725 +0.79% · OI 2,784 | $715 -0.60% · OI 811 | $725 |
| SPY | $770.26 | +0.49B | Dealers long gamma | $765.02 (spot above) | $774 +0.49% · OI 3,633 | $765 -0.68% · OI 1,227 | $769 |
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.