Afternoon selloff intensifies: SPY -0.58%, QQQ -0.74%, small-caps hammered -1.34%; massive bearish 0DTE sweep activity ($700M+) confirms downside bias into close

Dealer positioning shows a clear regime shift as options market makers adjust hedges across the curve. The put-call skew has compressed significantly, suggesting institutional players are reducing downside protection.

Watch the key level closely at open — it sits exactly at the intersection of the GEX zero line and overnight VWAP. A clean break above opens the path to the call wall; rejection sends us back toward the put wall.