ES1! open interest surged 15% overnight, accompanying a 0.7 STD positive price move, signaling robust institutional accumulation post-FOMC. SPX gamma exposure flipped positive at 4800, anticipating an implied volatility crush. Front-month VIX futures trading at an 8% discount to spot further confirms the bullish structural setup. Expect a continued upward grind. 90% YES — invalid if ES1! closes below 4850 before session end.
