Negative GEX, Bearish Trend Stack, QQQ Gap Down — Sellers Hold the Morning Edge

S&P 500 futures are printing +3.87% above their prior settlement, yet that number is misleading: SPY is essentially flat versus Monday's close (-0.12%), and QQQ is gapping down -0.43% into Tuesday's open. The Nasdaq futures tell the real story — /NQ has shed roughly 385 points from its overnight high and is sitting near the bottom of its globex range, suggesting the early bid has already been faded.

Options positioning adds pressure from the other direction. Every major index — SPY, SPX, QQQ, and IWM — carries negative net GEX, meaning dealer hedging amplifies rather than dampens moves. With SPY hugging its put wall at 765 and QQQ sitting well below its 720 call wall, the structural backdrop favors continued weakness unless buyers reclaim those levels at the open.