NVDA surge lifts SPY to call wall; afternoon holds the key

Stocks are drifting near session highs by midday, with SPY sitting just below its 765 call wall after trading as high as 766.43 earlier in the session. The action has been driven by a massive NVDA rally — up over 4% — fueled by two large 0DTE call prints totaling nearly $200M in premium at the open bell.

Beneath the surface, the picture is messier than the green tape suggests. QQQ briefly touched 709.77, within a quarter-point of its 710 call wall, but has since faded. Market breadth is genuinely strong — NYSE advancers lead decliners nearly 2-to-1 with a TRIN of 0.58 — but trend structure across all three major ETFs shows lower highs and lower lows on the price structure driver, flagging chop rather than a clean directional trend. The afternoon session will likely be the deciding factor.