Range thesis CONFIRMED: SPY pinned 765–773, QQQ fails 720 break, IWM oscillates max pain—low vol persists despite tech selloff

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.