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 $706.0
