Tech Push Caps Mixed Session as SPY Sits Below Flip

Tech led the final stretch of Thursday's session as bond yields pulled back following the Federal Reserve's rate decision, with MT Newswires reporting a late-afternoon bid across technology equities. Benzinga reported that broader index strength was driven by falling oil prices and triple witching positioning, even as market chatter noted lingering downside risks. That rally kept price action active into the bell, but it left the underlying option book split across major indexes. SPY closed at 762.11, sitting below its gamma flip at 767.70. When spot sits beneath the flip, dealers move from dampening volatility to accelerating price action as they hedge into momentum. The call wall ended the session at 765 while the put wall sits down at 755. SPY carries a daily expected move of ±0.87% alongside an 8.9 skew reading. Across my scored track record of 38 live sessions, SPY has stayed inside its daily expected move 97.4% of the time, compared to a baseline of 68%. Across my 1,008-session historical backtest, that containment rate sits at 74.2% over 748 inside sessions. QQQ showed a different structural profile, closing at 716.25 on the long gamma side of its 709.88 flip line. Long gamma keeps dealers acting as the market's shock absorber, buying dips and selling rallies toward the 720 call wall while the 700 put wall sits below. QQQ carried a ±1.1% expected move with a 2.3 skew reading into the close. IWM took a heavier path down to 285.06, well beneath its 294.39 flip line in deep short gamma. Its call wall rests at 292 with the put wall down at 284, carrying a ±1.21% expected move and a 3.6 skew reading. Across the broader tape, single-stock catalysts provided isolated intraday action, with Benzinga reporting surge activity in quantum computing names like IonQ while MT Newswires reported Nvidia committing $2 billion to a Brookfield artificial intelligence fund. Heading into tomorrow's open, the index book remains divided. QQQ has structural padding above its flip, while SPY and IWM enter the next session in short gamma regimes where dealer hedging adds fuel to price swings rather than suppressing them.