Flat indexes, narrow tape: small‑cap breakouts and headline runners outpaced index moves; QQQ/SPY put flow stood out
SPY and QQQ finished marginally lower while IWM closed essentially flat, but activity was concentrated: small‑cap breakouts, acquisition/news runners and a handful of high relative‑volume names dominated the session. Options flow skewed bearish with put activity concentrated in QQQ and SPY, and money flow showed modest sell pressure in the live window.