Bearish thesis CONFIRMED: SPY rejected 770, VIX elevated, QQQ capped below 717 at 10:30 ET

GAMMA BRIEF AI Generated 2026-08-31

All four pre-market bearish signals CONFIRMED at 10:30: SPY fails to reclaim 765, QQQ trapped below 717 call wall, VIX holds above 15, and negative-GEX acceleration toward 760 max pain is live. Risk-off tone intact; watch 760 support 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.

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