^^ Well, this certainly did not happen. SPX pushed past the trendline, and NDX donkey-punched its way out of the wedge.
This only puts even more calls ITM, and thus even more to expire on the other side of Friday. So, all else being equal, still expecting a downward move from that de-hedging.
All else is never equal, of course. Namely, any of JPow’s speech tomorrow at 11am EST, debt ceiling talks, and the tech-driven rally can materially overcome these positional flows…
