Range-bound thesis partially confirmed: SPY punched above 756 on elevated call GEX, but VWAP held firm and IWM lagged as predicted

SPY remains range-bound near the 755 call wall through the first hour, unable to sustain a clean break above 756.39 without a catalyst.

SPY opened at 755.95, briefly spiked to a day high of 758.05, and is trading at 756.64 as of 10:30 — above 756.39 and the 755 call wall, suggesting a partial break occurred, though extreme volume at 755–757 strikes indicates dealer resistance is still active.

QQQ outperforms SPY on the session, trading toward the 740 call wall as tech trend bias (80% confidence) and pre-market +0.14% session change provide relative strength.

QQQ is up +0.04% vs SPY up +0.01%, confirming relative outperformance, but QQQ at 738.51 remains 1.5 points below the 740 call wall with a session high of only 741.60, falling short of a sustained challenge of that level.

IWM underperforms large-caps, consistent with the lowest trend bias confidence (48%) and EMA conflict on 5m vs 15m timeframes.

IWM is up just +0.005% versus SPY +0.01% and QQQ +0.04%, and sold off sharply from its open of 291.35 to a session low of 288.33, clearly underperforming both large-cap indices.

SPY 753.16 VWAP holds as support through 10:30 ET, keeping the broad bullish structure intact even if price oscillates around the 755 call wall.

SPY has not traded below 755.50 intraday and sits at 756.64, well above the 753.16 VWAP level, confirming the bullish structure remains intact.