Afternoon selloff widens: SPY -0.46%, breadth craters 0.36:1, but gamma pinning at 745 and massive 0DTE call sweeps ($1.2B+) suggest coordinated upside defense into close

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.