Aggressive options flow indicates robust put-side delta hedging accumulating at the 5100-5150 strike, suggesting dealers are short gamma heading into month-end. With VIX term structure flattening and real yields still elevated, institutional liquidity remains constrained. SPX has failed to reclaim its 50-day moving average on several attempts, hitting overhead resistance. The macro backdrop of sticky inflation and hawkish Fed commentary ensures downside pressure. 75% NO — invalid if SPX closes above 5180 on April 27.
Aggressive options flow indicates robust put-side delta hedging accumulating at the 5100-5150 strike, suggesting dealers are short gamma heading into month-end. With VIX term structure flattening and real yields still elevated, institutional liquidity remains constrained. SPX has failed to reclaim its 50-day moving average on several attempts, hitting overhead resistance. The macro backdrop of sticky inflation and hawkish Fed commentary ensures downside pressure. 75% NO — invalid if SPX closes above 5180 on April 27.
