XLI Gamma Exposure (GEX)
Wednesday, September 9, 2026 · 3-session delayed summary
−$122.6MNet gamma
$180Call wall
$170Put wall
$171.79Spot at close
State Street Industrial Select Sector SPDR ETF (XLI) closed that session in a negative gamma regime with net exposure of −$122.6M: dealers hedge by selling into weakness and buying strength, which amplifies moves in both directions. The dominant call wall sits at $180, while the put wall at $170 marks the heaviest downside hedging concentration.
Gamma by strike and expiration
Expiration
Positive gammaNegative gammaSpot
How to read this: each column is an expiration, each row a strike. Gold cells mark the largest positive-gamma concentration per expiration (price magnets), purple the most negative (acceleration zones). Walls are where hedging flows are heaviest. Learn how GEX works
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