The Upwards Channel on the Options Market

The S&P started with a direct test into the highs from the third quarter of 2022 right around that $46.12 level. This is a moment where we're going to find out whether the character of the market has changed or the personality has changed because up until now when we get these types of pullback over the last two months, they almost immediately get bought on dip. If we see that this market becomes very distributive, larger increases in implied voles will make us far more bearish. The NASDAQ is going to be an important factor here because of Apple and Amazon coming out here after our earnings season. And I think that tech is very overextended relative to historical