After hours just split the tape in two. $QQQ is taking the put bid right on the dealer gamma flip at $719. Puts bought net +$8.9M. Calls sold. Dealers short gamma there. That book doesn't dampen moves. It amplifies them. Lose the $718 put wall and those same dealers chase the break lower into the open. SPY is the other side of the same market. Balanced flow, pin-prone near $771. Index wants a range. Nasdaq is the forced-flow amplifier. OpEx hits in three days. I'm cutting QQQ size and keeping SPY as the stabilizer. Does 719 hold and squeeze, or does 718 crack first?
TraderHCShare
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