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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
BROKEN

3 of 4 majors are below their zero-gamma flip — dealers amplify moves instead of damping them. Trade with momentum, not against it.

Indices below flip
3 of 4
Negative net gamma
1 of 4
Bullish premium
38%

Index gamma structure

IndexSpotChgFlipCushionNet GEXIVExp move
SPY 778.54 +0% 779.07 -0.07% (-0.24×) +$2233M 8 ±0.28%
QQQ 747.68 -0.46% — — $1577M 13 ±0.48%
IWM 278.54 -0.16% 279.97 -0.51% (-1.01×) +$121M 14 ±0.51%
DIA 517.16 +0.21% 522.72 -1.08% (-0.87×) +$104M 14 ±1.23%

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
AMZN 261.16 -0.55% 258.15 265.00 1.28× 1.28
PLTR 208.53 -0.25% 201.46 215.00 0.89× 0.92
DELL 582.94 -0.41% 559.69 600.00 0.73× 0.73

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 2026-10-12 14:15 UTC. Gamma levels shift intraday — re-check before acting. Educational content, not financial advice.
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