Market 06/28: Futures dip slightly after tech rally, SPX call wall 4400 in sight

Megacap tech generally pulled the market strongly throughout yesterday with real buy volume combined with continuous pressure from traders buying 0DTE calls throughout the trading session. SPX bounced off the 4320 support zone while QQQ returned above 360 after 30 minutes of early-session tug-of-war, helping to flip the entire tech bloc into positive gamma territory and creating the market trend. Additionally, new home sales data unexpectedly increased 12% MoM in May, released at 9am, helped stabilize the market and create positive overall market sentiment. As a result, QQQ closed the day at 363.5 while SPX at 4380 with put buyers completely disappearing.