Dealer Exposure Map — July 10, 2026 | Pushing Profits
Category: Dealer Exposure Map | Date: 2026-07-10
SPY and QQQ options show notable bearish dealer exposures as max pain levels signal potential price resistance.
Report
Daily Market Report - Dealer Exposure Map (July 10, 2026) Today's data indicates significant dealer exposures in the options markets for both the SPY and QQQ. The SPY shows a max pain level of $764.00 with a total gamma exposure of 2,000 and a total delta exposure of -9,990 across 20 contracts. This negative delta suggests that dealers are hedging against a potential downward movement in prices. On the other hand, the QQQ options exhibit a max pain of $720.00 alongside a considerable negative gamma exposure of -68,400 and a total delta exposure of -3,130,000 across 20 contracts. This indicates a more substantial bearish sentiment among dealers, who are positioning themselves for a significant drop in QQQ’s price. For traders, understanding these metrics is crucial. The max pain levels are indicative of potential price points where options expire worthless, which could influence trading strategies. Moreover, the negative gamma exposure signals that volatility may increase as prices approach the respective max pain levels. Overall, traders should remain cautious when planning their strategies, especially with the bearish signals reflected in today's data.
Frequently Asked Questions
What does max pain mean for options trading?
Max pain is the price level at which the most options contracts expire worthless, guiding traders on potential support or resistance levels.
How does gamma exposure affect market volatility?
Gamma exposure can impact volatility; when dealers have negative gamma, they may need to buy or sell underlying assets as prices move, amplifying price swings.
Why is delta exposure important for traders?
Delta exposure indicates how much the price of an option is expected to change relative to the change in the underlying asset, helping traders manage risk and strategy.