Dealer Exposure Map — July 2, 2026 | Pushing Profits

Market Overview - July 2, 2026 Today's data highlights a significant divergence in dealer exposure for SPY and QQQ options. SPY shows a max pain point at $758.00, indicating that most options will expire worthless around this price, which could influence trader sentiment and strategies. In terms of gamma exposure, SPY exhibits a negative total gamma exposure of -1.28e+4, suggesting that dealers may need to hedge more as underlying prices fluctuate. This can lead to increased volatility, impacting how traders approach their positions in SPY options. Conversely, QQQ presents a max pain of $706.00, coupled with a notably negative delta exposure of -1.08e+6. This implies that dealers anticipate considerable price movement away from this level, which may prompt traders to reassess their risk management by potentially adjusting their strategies. Traders should be cautious with QQQ given the substantial negative delta, as it indicates potential downward pressure. SPY's negative gamma suggests dealers will be adjusting their hedges frequently, amplifying volatility around the max pain point.