Vixpiration pin holds: IWM leads, SPY grinding between walls into close

It's been a grind for equity bulls today, but the tape is holding up better than morning fears suggested. SPY has stayed pinned near 750, trading in a roughly four-point range between its session low of 747.95 and high of 752.14 — never threatening either the 755 call wall or the 745 put wall. Meanwhile, IWM has been the stealth outperformer, rallying from an open of 292.49 all the way to a session high of 295.56, flipping the pre-market bearish thesis on its head.

The Fed decision and Kevin Warsh comments are dominating headlines, and a $58M 0DTE SPX call sweep at the 7520 strike is the boldest intraday bet on the tape — a vol/OI ratio of 31.2x signals conviction, not a hedge. With VIX steady at 16.86 and Vixpiration dynamics keeping volatility anchored, the afternoon setup hinges on whether SPY can finally push through 752–755 resistance or stall out and drift back toward 750.