Dealer Exposure Map — June 25, 2026 | Pushing Profits
Category: Dealer Exposure Map | Date: 2026-06-25
SPY and QQQ show significant dealer exposure today, indicating potential market volatility as traders approach max pain levels.
Report
Market Overview for June 25, 2026 Today, traders should keep a close eye on max pain levels as the SPY and QQQ options markets reflect substantial dealer exposure. For SPY, the max pain point sits at $723.00, while for QQQ, it is at $717.00. These levels indicate where the most options will expire worthless, often guiding price movements. Both SPY and QQQ show negative total gamma exposure, with SPY at -24,500 and QQQ at -36,400, suggesting that dealers are likely to sell more as prices rise and buy more as prices fall. This could lead to increased volatility in the coming days, especially as traders adjust positions ahead of anticipated market movements. Furthermore, the total delta exposure reveals that for SPY, there is a significant bearish sentiment with -1.64 million across 20 contracts, while QQQ shows a less pronounced bearish position of -290,000. Such delta figures indicate that dealers may be expecting downward pressure on prices in this environment.
Frequently Asked Questions
What is max pain in options trading?
Max pain refers to the price level at which the most options expire worthless, impacting trader behavior heading into expiration.
How does gamma exposure affect options pricing?
Negative gamma exposure means that dealers will need to adjust their hedges more dramatically, potentially increasing price volatility.
What does total delta exposure indicate?
Total delta exposure shows the overall sentiment and likely direction of price movement based on the hedging activities of dealers.