Thesis 1 & 4 CONFIRMED; Thesis 2 & 3 PARTIAL — SPY holds 770 wall but rolls lower; IWM pins max pain; SPX lagging on relative basis; VIX anchored sub-17.5.

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.