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 | $717.03 | +1.39B | Dealers long gamma | $710.90 (spot above) | $720 +0.41% · OI 12,659 | $715 -0.28% · OI 6,352 | $715 |
| SPY | $772.70 | +2.75B | Dealers long gamma | $769.35 (spot above) | $775 +0.30% · OI 14,604 | $765 -1.00% · OI 55,453 | $765 |
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.