Thesis invalidated: SPY reclaims 767.28 VWAP within first hour, QQQ breaks 720 call wall, small-cap lag contradicts IWM resilience narrative.

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.