The S&P Futures Turnaround

This is a flows centric push that we've been seeing for quite some time. We've called for this kind of low-off-top dynamic that happens a lot of time into what's otherwise kind of a structurally bearish environment. But here we are week period after the Fed came in once again being a little more hawkish. This has been a very, very strong move. It has changed the narrative as price always does. And most importantly, vol has been incredibly well supplied, which has allowed entities to take risk and natural structural flows to kind of flow back in the market during periods of structural strength.