Asia opens with ES 7742.5 and NQ 30549.75 modestly red, while VIX holds 16.07, up 1.20. That is enough volatility to keep the tape loose; it is not a panic read by itself.
SPY sits 765.61, below its 770.15 gamma flip and close to the 761 put wall. The book remains negative gamma, with put OI 2,271,422 versus 978,490 calls. That leaves 761 as the immediate structural floor and 770.15 as the first level where the tape can regain balance. The 785 call wall remains the higher ceiling.
QQQ is 736.53, just above its 735 flip, with 730 beneath and 745 overhead. It is also negative gamma, and the put-heavy book remains in place: 1,140,243 puts against 603,623 calls. The 735 line matters more than the label overnight. Holding above it keeps the index near its pivot; slipping back through it puts 730 in view. A move toward 745 would meet the call wall.
Oil is 93.28, down 0.71 on the session measure, while CL is 93.40 and up 0.80 on the live futures read. That disagreement is worth watching rather than narrating as a clean energy signal. Gold is under pressure at 4155.1, down 75.40, while DXY is 101.18 and the Treasury futures complex is lower, a combination consistent with firmer yields and a less accommodating overnight backdrop.
Into London, the tape is carrying three lines: SPY 761, 770.15, 785; QQQ 730, 735, 745. The market is open, but liquidity is thinner here. Price reaction around those pivots matters more than the headline count.
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