Sonny

SPY + QQQ — Key Dealer Gamma Levels

The options structure is worth watching closely here because SPY and QQQ are currently sitting in slightly different regimes. These levels are model-derived estimates of dealer positioning rather than exchange-published positions.

SPY

770 — Call Wall

This is the major near-term upside gamma concentration. It can act as a magnet or resistance/pinning zone.

Importantly, it is sitting almost directly alongside the gamma-neutral area, making 770–772 particularly important.

771–772 — Gamma Flip / Neutral Zone

This is the approximate point where dealer positioning changes regime.

Above this area → dealers move into positive gamma, where hedging generally suppresses volatility and dampens market moves.

Below this area → dealers remain negative gamma, where hedging can amplify moves in either direction.

SPY is currently below this level and therefore remains in a negative-gamma regime.

765 — First Put Wall

This is the first major downside options concentration.

A break b