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 | $754.18 | +3.94B | Dealers long gamma | $746.99 (spot above) | $755 +0.11% · OI 12,707 | $754 -0.02% · OI 12,242 | $754 |
| SPY | $777.30 | +9.77B | Dealers long gamma | $773.49 (spot above) | $780 +0.35% · OI 43,838 | $775 -0.30% · OI 18,278 | $780 |
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 · pre-open snapshot
Full report: Morning report
Research output, not investment advice.