That's been obvious for months, and I'd argue it is why the whole AI trade around #SOXX and #SMH and #AIS and #AIQ and #QQQ has been stuck in neutral since May despite tech companies delivering arguably the best earnings season ever in Q2.

$QQQ pinned at $715, just $2 above Max Pain ($712) and the gamma flip ($713). Dealers defending the $712 support wall, lose it, and $707 is the next stop.
But 0DTE flow is all puts, vol ratio 1.24, OI ratio 1.44. $730 puts bid heavily, severity high.
🔴 $QQQ 94% sellers
[SIGNAL] $QQQ SELL PRESSURE: 94% sells, volume 14.0x. 68% probability of continued downside if sell imbalance persists—recommend avoiding new longs.
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🔗 https://voiceofchain.com/event/imb_sell_QQQ_20260911_053027
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$QQQ pinned at $717 with dealers long gamma, but that $719 resistance wall is just 0.3% away and inside today's EM range.
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