/u/TearRepresentative56's posts
VIX 25 ITM. What a push. Recessionary fears stirring after NFP comes soft. note that rate cuts into weakness like this are not typically as bullish. 50bps of cuts at September meeting can signal Powell v panicked on recession risk. Hence bearish. This is current vix positioning. Speaks for itself.
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UK market continues to breakout. BOE Cut rates which is bullish, but there's a large institutional short order at 8400 which is curbing upside for now, hence perfect reversal from here. . needs to break above for continuation.
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Market makers will try to keep SPY price above 530 as there is some call delta there. however, if it breaks on heavy volume today, we see next support down at 525. This also corresponds to the technical high from march. it would cosnstitute a breakout retest. Positioning quite bearish
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Nasdaq breaks below the April highs. Positioning is v bearish right now. Cannot rule out more price action lower as Vix remains elevated. Should see strong push higher later as VIX cools off. Skew is pointing bearishly as pressure continues to build. Traders not ready for bounce yet it seems.
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the Nasdsaq McCellan Oscillator. Basically shows breadth of companies. I put more priority on the positioning analysis I do which suggests markets remain under pressure for now, but we do see that the NAMO has got to very low levels. This suggests that soon we probably get some type of relief.
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My near term base case is volatile, and pressured trading into OPEX for August. VIX can rise slightly which will tie into this pressure. However, looking at term structure of VIX in backwardation, my base case is that VIX will decline. With liquidity still strong, this should fuel a strong rally.
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SMCI into earnings. V strong rally yday but positioning still bearish. Bulls hope for a squeeze, traders still hold those calls on 700 but it does look a lot like hedging right now. Pressure is to downside, but OTM puts growing on 600. 600 supportive, but looks like we can go lower. lets see
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Positioning update after morning sell off. QQQ showing almost no call delta ITM, can be in free fall till 420, Below 420, put delta slows down hence traders bet on limited downside below there for now. ALOS INCLUDED IN SPY AND DIA.
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While VIX is rising, the markets will remain pressured. For now we see positioning showing limited call delta above spot price due to the rapid move higher. Want to see how this adapts after market opens. Suggests we may not be heading MUCH higher though on VIX. hence market recovery can be soon.
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