Dealer Exposure Map — September 28, 2026 | Pushing Profits
Category: Dealer Exposure Map | Date: 2026-09-28
Dealers show mixed exposure today, with SPY trending bullish at $778 while QQQ reflects bearish sentiment at $759.
Report
Market Overview for September 28, 2026
Today's dealer exposure data reveals intriguing dynamics within the SPY and QQQ options. With SPY's maximum pain point at $778.00, traders might see price movement gravitating toward this level as the expiration approaches.
In contrast, QQQ is showing a negative total gamma exposure of -5.46e+3 and a max pain of $759.00, suggesting heightened volatility and a potential for price swings away from this pain point. Negative gamma exposure indicates that as the price moves, the market could be less stable, which may spur caution among traders.
Traders should closely monitor the delta exposure of both ETFs: SPY holds a robust total delta of 3.81e+6, indicating a bullish sentiment, while QQQ's negative total delta of -7.50e+5 suggests bearish expectations. This divergence can inform strategies depending on each instrument's price movement and trader sentiment.
Frequently Asked Questions
What is dealer gamma exposure?
Dealer gamma exposure reflects how sensitive option dealers are to price changes in the underlying asset, indicating potential market volatility.
How does max pain affect option pricing?
Max pain is the price at which the highest number of options will expire worthless, leading traders to believe prices may trend toward this level as expiration approaches.
Why is delta exposure important for traders?
Delta exposure indicates how much the option's price will change as the underlying asset moves; higher delta implies a stronger correlation and potential direction of movement.