$QQQ closed right on the put wall at $684. Dealers are short $7.4B net gamma below that level, and short gamma leaves them no discretion: sell dips, buy rips, amplify whatever starts next week. SPY dealers are long gamma and pinning price, so the calm there is mechanical, not safe. The real leverage sits in the Nasdaq book. Four mega-caps print in 48 hours starting Wednesday. One soft AI guidance line and the path to 680 becomes forced dealer flow. I'm not paying up for puts with premium this rich. My read: if 684 breaks after MSFT and META, QQQ sees 680 this week. Fading blind longs into that structure. What's your trigger?
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