Dealer Exposure Map — July 23, 2026 | Pushing Profits

Daily Market Report - July 23, 2026 Today's data reveals interesting insights into dealer exposures for SPY and QQQ options. The max pain level for SPY rests at $734.00, while QQQ's max pain is lower at $695.00. These levels indicate price points where option sellers are likely to incur the least loss at expiry, giving insights into potential market behavior. Both SPY and QQQ are experiencing negative gamma exposure, which suggests that dealers may need to hedge their positions actively as price movements occur. SPY's gamma exposure stands at -12,500, and QQQ’s is significantly higher at -241,000, indicating greater sensitivity to price changes in the latter. Moreover, delta exposure is also negative for both, with SPY at -305,000 and QQQ at -3,770,000. This reflects a potential for downward pressure in both ETFs, as traders position themselves ahead of potential market shifts. The larger delta exposure for QQQ indicates a stronger reaction to price fluctuations. Understanding gamma exposure helps traders anticipate how options pricing might change with underlying asset movements. Negative delta exposure often signals potential weakness, prompting traders to be cautious.