QQQ momentum confirmed, SPY clears ceiling: tech-led rally holds 770 at 10:30

GAMMA BRIEF AI Generated 2026-08-27

Tech dominates at 10:30: QQQ and NVDA crush expectations while SPY clears 770, but breadth remains negative and small caps (IWM) stay trapped—a narrow-based rally that needs confirmation from broader market participation.

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.

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Directional Calls