Gamma Exposure Analysis SPY & VXX

SPY Resistance at 570. The 570 level in SPY likely corresponds to a high gamma concentration for 0DTE (zero days to expiration) options. At this strike, market makers short gamma (i.e., net sellers of options) at this level would dynamically delta-hedge by selling SPY as the price approaches 570, creating selling pressure and resistance. Next resistance level 575.
For VXX, the 48 level likely represents a put-dominated gamma zone: If market makers are net long puts, they would buy VXX as prices decline toward 48 to hedge against further downside, creating support. Next support level 46.50