Dealer Exposure Map — August 18, 2026 | Pushing Profits
Category: Dealer Exposure Map | Date: 2026-08-18
Dealers are leaning bearish with significant negative gamma and delta exposures in SPY and QQQ as max pain levels shape trading strategies.
Report
Market Commentary for August 18, 2026 Today's options data reveals significant insights into dealer exposure for key ETFs, SPY and QQQ. With SPY showing a max pain level of $757.00, traders might anticipate price stabilization around this point, as dealers generally reposition portfolios to minimize losses. SPY's total gamma exposure stands at -9.86e+3, indicating that market fluctuations are likely to affect option pricing, and with a total delta exposure of -1.36e+5, indicates a bearish sentiment among traders. This suggests a cautious approach as we look ahead in the trading sessions. On the other hand, QQQ's max pain point is set at $723.00, suggesting that similar price stabilization could occur here as well. The total gamma exposure of -1.38e+5 paired with a delta exposure of -2.28e+6 reveals an even stronger bearish sentiment, indicating heightened concern among options traders about potential downward price movements. Overall, both SPY and QQQ reflect a market with substantial dealer exposure risk that traders should monitor closely in their strategies.
Frequently Asked Questions
What is max pain?
Max pain is the strike price at which the majority of options expire worthless, often leading to price stabilization around this level.
How does gamma exposure affect options trading?
Negative gamma exposure indicates that as prices move, options pricing may become more volatile, which can increase risk for traders.
What does total delta exposure tell us?
Total delta exposure quantifies the sensitivity of the options portfolio to price changes, and negative values suggest a bearish outlook from traders.