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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

2 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
2 of 4
Negative net gamma
2 of 4
Bullish premium
31%

Index gamma structure

IndexSpotChgFlipCushionNet GEXIVExp move
SPY 753.25 +0.12% — — $288M 22 ±0.81%
QQQ 685.64 +0.64% 699.67 -2.05% (-1.53×) +$79M 36 ±1.34%
IWM 280.45 +0.45% 286.16 -2.04% (-1.82×) +$64M 30 ±1.12%
DIA 517.99 -0.32% — — $2M 28 ±2.05%

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 248.80 +1.23% 246.75 260.00 0.46× 5.46

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 2026-11-03 14:15 UTC. Gamma levels shift intraday — re-check before acting. Educational content, not financial advice.
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