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 | $748.32 | +2.72B | Dealers long gamma | $729.20 (spot above) | $750 +0.22% · OI 5,514 | $735 -1.78% · OI 7,806 | $750 |
| SPY | $773.75 | +4.28B | Dealers long gamma | $766.75 (spot above) | $780 +0.81% · OI 16,575 | $770 -0.48% · OI 7,501 | $773 |
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.