ZeroGEX

Tracking SPY/SPX/QQQ dealer positioning in real time.
Gamma flip • call walls • put walls • GEX • flow
Know the levels that matter before price gets there.

[ZeroGEX @ZeroGEXOptions]

Most traders watch price move first and try to explain it afterward.

ZeroGEX is built for the opposite:

Know the levels that matter before price gets there.

I track SPY / SPX / QQQ dealer positioning throughout the session:

• Gamma flip
• Call walls
• Put walls
• Net GEX
• Max pain
• 0DTE flow pressure
• Dealer regime shifts

The goal is not to predict every candle.

The goal is to understand where price behavior is most likely to change.

Follow if you trade SPY, SPX, or QQQ and want a cleaner map of the tape.

[ZeroGEX @ZeroGEXOptions]

The tell is the shape of that reversal off 737.68 — a slow grind back rather than a violent snapback, which is exactly what you'd expect when dealers are buying dips instead of chasing them.

https://t.co/ZfFizmiLGU

[ZeroGEX @ZeroGEXOptions]

Post-Market Read — $SPY

Oil headlines, equity shrug.

That's the story.

SPY dipped hard to 737.68 in the morning on the Iran tanker attack in the Strait of Hormuz, slicing clean through both the 744.26 gamma flip and the 745 put wall before buyers stepped back in.

From there it was a straight line higher, reclaiming 745 and pressing all the way to 748.9, just under the 749 call wall, before settling at 746.61 to close up over half a percent on the day.

That whole round trip happened with dealers net long gamma at +$1.06B, and it shows: the early selloff got absorbed instead of extending, and the bounce found a lid right where it should have.

Key levels:
• 745 → Put Wall (reclaimed after morning break)
• 749 → Call Wall (capped the afternoon push)
• 744.26 → Gamma Flip (held as the floor)

Bottom line: Spot closing back above both the flip and the put wall into a long weekend is the constructive read here — positive gamma did its job dampening the Iran-driven dip rather than letting it run.

[ZeroGEX @ZeroGEXOptions]

I couldn't agree more. Price spends far more time reacting to structural positioning than to the headlines people use to explain it afterward. The news often determines which level gets tested, but options positioning and dealer hedging usually determine where price wants to go. Appreciate you sharing your perspective. 🙏

[ZeroGEX @ZeroGEXOptions]

I appreciate the comment. There are quite a few ways to model dealer positioning, and they're not all equivalent. ZeroGEX uses a dynamic spot-shift dealer gamma profile rather than a static snapshot, so the flip and Net GEX evolve with price. Happy to compare methodologies if you're interested.

[ZeroGEX @ZeroGEXOptions]

Morning Read — $SPY

Markets have plenty to digest this morning.

A softer-than-expected GDP print, sticky inflation, and a fresh round of geopolitical headlines have all contributed to the overnight weakness. But regardless of the catalyst, the market opens in the same regime it finished yesterday: dealers remain short gamma.

SPY is indicated around 735, trading below both the 740 call wall and the 742.38 gamma flip. Dealers are carrying approximately -$2.91B of net gamma, which means hedging is still more likely to amplify directional moves than dampen them.

Yesterday's FOMC session was a textbook example. SPY swung from a 1%+ loss to a gain, then reversed sharply into the close. That's the kind of price action negative gamma can produce when markets are hit with meaningful news.

Key levels:
• 720 → Put Wall (primary support)
• 740 → Call Wall (first resistance)
• 742.38 → Gamma Flip (regime shift)

Additional support levels at 733 and 730 are building out.

Bottom line: Headlines may determine the direction, but dealer positioning will influence how the market responds. As long as SPY remains below 742.38, expect volatility to stay elevated and moves to extend farther than many traders expect.

[ZeroGEX @ZeroGEXOptions]

The headlines are moving the market.

Dealer positioning explains why those moves are sticking... or reversing.

Track the Gamma Flip, Call Wall, Put Wall, Net GEX, and dealer positioning live:

https://t.co/Q4xEl4DIXL

[ZeroGEX @ZeroGEXOptions]

Midday Read — $SPY

The headlines are fighting each other.

So is the tape.

Strong earnings from Microsoft and Amazon continue to support the AI trade, while Apple's post-earnings selloff and another surge in Treasury yields are keeping buyers on a short leash. The result has been exactly what you'd expect: a whipsaw session with neither side able to seize control.

SPY pushed above the 745 call wall early, sold off sharply below the 744.61 gamma flip, then reversed once again and is trading back near 744.44. Every move has been met with an equally aggressive move in the opposite direction.

Dealer positioning helps explain why. Net gamma has improved dramatically from earlier this week but still sits slightly negative at roughly -$529M. That's close enough to neutral that the market isn't getting strong stabilizing or destabilizing flows from dealer hedging. Instead, every new headline is temporarily taking control.

Key levels:

743 → Put Wall (first support)
744.61 → Gamma Flip (battle line)
745 → Call Wall (immediate resistance)

Bottom line: Today's market isn't picking a direction. It's weighing competing narratives. As long as SPY remains pinned around the gamma flip, expect more back-and-forth price action. A sustained move above 745 or below 743 is more likely to produce follow-through than anything happening in the middle of this range.

[ZeroGEX @ZeroGEXOptions]

@Basssem666 Nice call! You are a legend sir 🫡

[ZeroGEX @ZeroGEXOptions]

@MichaelPBento You are a legend sir 🫡

[ZeroGEX @ZeroGEXOptions]

Morning Read — $SPY

The market enters Friday with mixed signals from Big Tech.

Microsoft's blockbuster earnings fueled yesterday's rally, Amazon reinforced the AI spending story with another strong quarter, while Apple beat earnings expectations but traded lower after weaker Services revenue and a more cautious outlook disappointed investors.

That leaves SPY opening almost exactly at the 744.20 gamma flip.

The gamma flip marks the boundary between two different dealer hedging regimes. Above it, dealer hedging tends to dampen volatility and support more orderly price action. Below it, hedging is more likely to amplify moves and allow volatility to expand.

Dealer gamma is nearly balanced this morning at -$121.9M, suggesting there isn't a strong positioning imbalance in either direction. Meanwhile, the 740 put wall and 745 call wall bracket a very tight range around spot, making today's opening battle especially important.

If buyers can build on the strength from Microsoft and Amazon and establish acceptance above 745, it would shift the market into a more stable positive gamma regime. If SPY slips back below the flip and loses 740, volatility could quickly return.

Key levels:

740 → Put Wall (primary support)
744.20 → Gamma Flip (regime boundary)
745 → Call Wall (first resistance)
750 → Next major upside objective

Bottom line: The earnings headlines are mixed, but the dealer positioning is clear. SPY is opening right at the gamma flip, making today's battle around 744-745 one of the most important levels on the board. Whichever side gains control there may set the tone for the rest of the session.

[ZeroGEX @ZeroGEXOptions]

Today's headlines sparked the rally.

Dealer positioning helped shape the response.

Track the Gamma Flip, Call Wall, Put Wall, Net GEX, and dealer positioning live throughout the session:

https://t.co/Q4xEl4DIXL

[ZeroGEX @ZeroGEXOptions]

Post Market Read — $SPY

Yesterday's selloff belonged to the Fed.

Today's rally belonged to earnings.

Strong results from Microsoft fueled a broad risk-on move, with semiconductors leading the way and the S&P 500 climbing 1.7%. SPY finished at 743.40, reclaiming the 740 put wall and closing just below the 745 call wall after spending much of the afternoon grinding higher.

Despite the impressive bounce, the broader dealer positioning hasn't fully shifted. The gamma flip finished at 748.25, while net gamma remained around -$3.21B. In other words, today's rally improved price, but the market is still operating in a negative gamma regime.

That's worth keeping in mind heading into tomorrow. Negative gamma doesn't tell us which direction the market will move. It tells us that when a catalyst arrives, dealer hedging is more likely to amplify the move than dampen it. Yesterday that worked against buyers. Today it worked in their favor.

After the close, Amazon added another bullish catalyst, beating expectations on both revenue and AWS growth, sending shares sharply higher in after-hours trading.

Key levels:

740 → Put Wall, reclaimed and held as support
745 → Call Wall, immediate resistance
748.25 → Gamma Flip, broader regime shift

Bottom line: Buyers regained control today, but the technical picture doesn't truly change until SPY can reclaim the gamma flip. A sustained move above 745 would put 748.25 in play. If Amazon's after-hours strength carries into tomorrow, that will be the first major test.

[ZeroGEX @ZeroGEXOptions]

Yep. Another good question. I typically reference SPY and QQQ because they're more accessible to a broader audience and, in general, they're what most traders are looking for compared to SPX and NDX.

SPX does have advantages, though. It offers finer strike granularity, tends to attract more institutional participation, has favorable Section 1256 tax treatment in the U.S., is cash settled, and eliminates early assignment risk.

From a dealer positioning standpoint, though, the concepts are the same. SPY and SPX are tracking the same underlying market, so their dealer positioning is usually very similar. It really comes down to which product best fits your account size, trading style, and tax situation.

[ZeroGEX @ZeroGEXOptions]

Most traders watch price move first and try to explain it afterward.

ZeroGEX is built for the opposite:

Know the levels that matter before price gets there.

I track SPY / SPX / QQQ dealer positioning throughout the session:

• Gamma flip
• Call walls
• Put walls
• Net GEX
• Max pain
• 0DTE flow pressure
• Dealer regime shifts

The goal is not to predict every candle.

The goal is to understand where price behavior is most likely to change.

Follow if you trade SPY, SPX, or QQQ and want a cleaner map of the tape.

[ZeroGEX @ZeroGEXOptions]

Earnings may provide the catalyst, but dealer positioning helps explain how the market responds.

Track the Gamma Flip, Call Wall, Put Wall, Net GEX, and dealer positioning live throughout the trading day:

https://t.co/WEeO9TvIjQ

[ZeroGEX @ZeroGEXOptions]

$QQQ

Earnings are driving the headlines.

Dealer positioning is shaping the response.

QQQ opened around 674.75, briefly slipped to 673.30, then reversed sharply and ran to an intraday high of 683.73. That puts the index up more than 1% on the day and now pressing into resistance just below the 685 call wall.

The 680 put wall has been the key pivot. QQQ reclaimed it during the morning rally and has held above it since, keeping buyers in control for now.

Even with today’s strength, the broader gamma regime has not changed. QQQ remains well below the 699.40 gamma flip, with net gamma near -$1.30B. Dealers are still short gamma, so their hedging is more likely to reinforce price movement rather than absorb it. That helps explain how a brief opening dip turned into such a fast move toward the highs.

Apple and Amazon both report after the bell today, putting two major QQQ components in focus at the same time. With positioning still negative, those earnings could produce a larger reaction in either direction than they might in a more stable positive-gamma environment.

Key levels:

• 680 → Put Wall, reclaimed and now acting as support
• 685 → Call Wall, immediate resistance
• 699.40 → Gamma Flip, still well overhead

Bottom line: Buyers have control above 680, but 685 is the next test. A clean break could allow the rally to extend, while losing 680 would weaken today’s move. With Apple and Amazon reporting tonight, the catalyst is coming. The current dealer positioning will help determine how strongly QQQ responds.

[ZeroGEX @ZeroGEXOptions]

Earnings may provide the catalyst, but dealer positioning helps explain how the market responds.

Track the Gamma Flip, Call Wall, Put Wall, Net GEX, and dealer positioning live throughout the trading day:

https://t.co/WEeO9TvIjQ

[ZeroGEX @ZeroGEXOptions]

Great question. I view the gamma flip as a dynamic regime boundary, not a price target.

The distance below it does not automatically mean price is due to snap back. It means the current options structure still places the transition into positive gamma well above spot.

In ZeroGEX, the flip comes from the full spot-shift dealer gamma profile. That curve changes as spot moves relative to major strikes, as near-term gamma becomes more concentrated, and as the underlying options positioning evolves.

Actionably, I watch whether price and the flip begin converging. If SPY rallies while the flip stays elevated or moves higher, the options structure has not confirmed the recovery, so I remain cautious about chasing it. If spot rises while the flip begins moving lower toward price, that is a healthier sign that the regime may be stabilizing.

[ZeroGEX @ZeroGEXOptions]

Yesterday was a perfect example of why the gamma regime matters.

SPY went from -1% to green, then reversed back into the red—all in one session.

The catalyst changed. The negative gamma regime didn't.

See dealer positioning update live throughout the session:

https://t.co/vvk6I9QO3R

[ZeroGEX @ZeroGEXOptions]

@FerraraBarnard I really appreciate that, and I think “actionable” is exactly the right word. The goal isn’t to predict the future, it’s to understand the positioning and probabilities so you can make better trading decisions. Thanks so much for the continued support 🙏

[ZeroGEX @ZeroGEXOptions]

Post-Market Recap — $SPY

What a session.

SPY made a full 11 point round trip from a 1.2%+ loss to a slight gain, only to reverse once again and finish the session back deep in the red. Buyers briefly pushed the market 0.3% into the green during Chair Warsh's press conference, but by the close SPY had swung back to finish near 728, a 15 point reversal in the final hour.

This was exactly the kind of price action you'd expect in a deeply negative gamma regime.

Dealers finished the day short almost $9B of net gamma, with spot ending more than 23 points below the 750.60 gamma flip. In this environment, dealer hedging tends to amplify moves rather than absorb them, which helps explain why today's reversals were so violent instead of fading naturally.

The market also respected the key positioning levels throughout the session. The 740 call wall rejected the opening rally, while the afternoon selloff gravitated toward the 720 put wall, which now becomes the next major support heading into tomorrow.

Key levels into tomorrow:
• 720 → Put Wall (nearest support)
• 740 → Call Wall (first resistance)
• 750.60 → Gamma Flip (major regime level)

Bottom line: Today's headlines sparked the swings, but dealer positioning dictated their magnitude. Until SPY can reclaim the gamma flip, expect volatility to remain elevated and directional moves to carry farther than traders have grown accustomed to.

[ZeroGEX @ZeroGEXOptions]

Today's session is a great reminder that negative gamma doesn't predict direction—it amplifies movement.

We saw:
• A 1%+ selloff
• A rally into the green
• Another sharp reversal into the close

Different headlines. Same underlying regime.

That's why I focus on dealer positioning first and the catalyst second.

See dealer positioning update live throughout the session:

https://t.co/vvk6I9QO3R