As we analyze the latest data from the Dealer Exposure Map for July 13, 2026, we see a significant bearish sentiment in both SPY and QQQ options. The max pain level for SPY is set at $766.00, suggesting that the highest number of contracts will expire worthless, potentially benefiting option sellers. For SPY, total gamma exposure is at -599. This negative gamma indicates that dealers may need to hedge their positions more aggressively, which could lead to increased volatility as the underlying price approaches the max pain level. Similarly, QQQ has a max pain level of $728.00 and total gamma e
