SPX outside breakevens, 137% of the move used—large-cap momentum overstretching pre-market expectations; tech leadership (AAPL +6.6%, MSFT +6.1%, AMZN +7.3%) driving broad breadth (2.69:1 A/D ratio) but positioning concentrated in far OTM calls.

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.