Morning Calls Scored: QQQ Broke Hard, SPY Held Range, IWM Failed Bull Test

The Nasdaq took another leg down today, with QQQ sliding to a session low of 704.92 before bouncing — a break clean through the 710 put wall that validated this morning's bearish thesis. Meanwhile, SPY pinned near its 745–750 corridor and IWM peaked at 299.93, a single tick below the 300 call wall resistance, before retreating to 297.61. The morning's structural calls held up with uncommon precision.

Heading into the afternoon, the tape is quietly rebuilding. All three major ETFs are trading above their intraday VWAPs with higher-highs/higher-lows structure intact — and VIX is compressing 3.65% even as SPY sits modestly negative on the day. A cluster of $276M in 0DTE SPX call sweeps hit at the open, signaling early institutional conviction that the dip would be bought. Whether that conviction carries into the close depends on whether SPY can reclaim and hold its 750 call wall.