@KookCapitalLLC Yup. The entire tape was bearish going into earnings.
BTW Kook, lets get your group setup with https://t.co/LO0wkVLHuC access so they can track option flow. Let's work π€
Market makers hedge their options books by trading SPX, and that moves price. Right now they're selling rallies and buying dips, so expect chop between 7,600 (floor) and 7,700 (ceiling).
If SPX loses 7,535, their hedging reverses: they start buying strength and selling weakness, which stretches moves instead of absorbing them.
Tape doesn't carry an open/close flag, so STO vs STC is always an inference. What we can say is all four of those printed as buys (at or above the ask), so
it's BTO or BTC, not STO/STC.
For open vs close, compare day volume to the existing OI . Volume > OI means new positions, and we tag those rows OPENING/CLOSING. Next morning's OI change confirms it.