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Market regime today

How far each major index sits from its zero-gamma flip — the level where dealer hedging stops damping moves and starts amplifying them. Live for the current session.

The regime
PERCHED

Still positive gamma, but 3 of 4 majors sit inside one session's expected move of the flip. The regime hasn't changed — it's just out of room to be wrong.

Indices below flip
1 of 4
Negative net gamma
0 of 4
Bullish premium
55%

Index gamma structure

IndexSpotChgFlipCushionNet GEXIVExp move
SPY 767.69 +0.78% 765.58 +0.27% (0.98×) +$4016M 8 ±0.28%
QQQ 732.57 +1.56% 729.01 +0.49% (1.03×) +$2997M 13 ±0.47%
IWM 285.50 +0.42% 284.73 +0.27% (0.57×) +$224M 13 ±0.47%
DIA 517.32 +0.25% 519.26 -0.38% (-0.33×) +$80M 13 ±1.14%

Cushion = distance from spot to the zero-gamma flip, and in brackets that distance measured in the index's own expected move for the day. Under 1× means the flip is inside a single normal session. Negative means price is already through it. What is dealer gamma? →

Above their flip, room to the wall

Spot sits above the zero-gamma flip with distance still to the call wall. R:R is room up to the wall divided by room down to the flip.

TickerSpotChgFlipWall×EMR:R
GOOG 349.37 +1.36% 347.58 360.00 0.17× 5.94
AAPL 335.88 -0.07% 334.14 340.00 0.53× 2.37
MSFT 495.88 +0.44% 494.11 500.00 0.38× 2.33

Check any ticker yourself

The gamma map is free and needs no signup — net dealer gamma by strike, the flip, call and put walls for any US ticker.

Open the free gamma map → Live regime tracker
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Dealer-gamma and expected-move data via Polygon & Unusual Whales, captured 2026-09-21 14:15 UTC. Gamma levels shift intraday — re-check before acting. Educational content, not financial advice.
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