Yesterday's long-gamma pin is dead. Both $SPY and QQQ flipped to negative GEX overnight, so dealers come into the open short gamma. Their hedging amplifies moves now instead of dampening them. QQQ is already under the $707 flip at $702.61, with the $700 put wall as nearest support. SPY is parked right on its $745 put wall, flip back up at $748. Stack CTAs as net sellers and the 10Y grinding higher near 4.64% on top of that dealer flow and the pressure is mechanical, not narrative. Tech is the weak link, a soft open turns into real selling if $700 breaks on QQQ. This isn't a regime break while credit stays quiet. It's a dealer-flow open that punishes dip-buyers still running the old playbook. I think QQQ tags 700 today or tomorrow before any bounce sticks, and bounces into $707 get sold by the hedging. Where are you drawing the line if it cracks?