QQQ gaps above call wall on Micron AI surge; PCE data looms Friday

Markets are gapping higher this morning, led by a remarkable +2.32% pre-market surge in QQQ to 727.10 — a move that has punched it clean through its 720 call wall, where yesterday's session high stopped just a dime short. The catalyst is clear: Micron's earnings reignited the AI trade, dragging Nasdaq futures to a session high of 29,907.50 overnight before a modest fade into the open.

The setup is not uniformly bullish. SPY is gapping up +0.79% to 739.03, but that still leaves it sitting between its 730 put wall and 750 call wall, and 0DTE positioning is clustering hard around the 740 max pain level — the kind of gravitational pull that historically constrains intraday range even when the open looks energetic. Small caps via IWM are up a more modest +0.66% to 298.65, pressing right under their 300 call wall. The breadth of this move varies meaningfully by index, and how price handles these structural levels in the first hour will tell you a lot about whether this gap holds or fades.