Bearish thesis CONFIRMED: SPY below 765 put wall, QQQ fails 715 retest, IWM cracks support—GEX max pain 760 in play

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.