https://youtu.be/f8EApDKtpzA Brandon Chapman spent today watching a single number hold this market together. SPY 765 absorbed every bit of selling pressure and refused to crack. That level is a put wall. It acted as support through the entire session. The market faded straight into it after Friday’s Warsh statement. Then it lifted late to roughly 767. Here’s the part that matters for the rest of the week. The open interest parked at 765 keeps growing. Brandon counts 63,000 contracts stacked at that strike. That’s negative gamma territory, and the pressure sits to the downside. Friday’s expiration is the pressure point. Even if the 27,000 contracts sitting there all close out, more than 30,000 remain behind. Above 765 the level cushions the tape. Below it, gravity takes the wheel. Brandon sees almost no call interest underneath to slow a break. The market can fall under its own weight toward 760 and

https://www.youtube.com/watch?v=LtlNKKq2siI Don here.  Kevin Warsh spoke Friday morning, and Wall Street’s algorithms read every word before he opened his mouth. Here’s how it works. The exact text of the speech gets released fractions of a second before the speaker hits the stage. Bloomberg charges $1 million a year for algorithmic access to that feed. The machines trade it in thousandths of a second. So watching the speech live gives you zero edge. Your edge is the order flow that plays out after, and that’s exactly what I traded in today’s session. Volatility told the story before he said a word. The SPX carried a $43 expected move into Thursday’s close with no vol crush overnight, because the market knew this speech was the event. Here’s what today’s video breaks down: The SPX expected move contracted from $43 to $38 to $33 as the speech played out. Fed Fund futures repriced

https://youtu.be/K3CXbL4I2sE?si=8I0vEUbPwxM2Evxg Blake Young pulled up the volume chart today. The S&P 500 is now averaging 34 million shares a day. In April that average sat at 110 million. Last August it sat at 62 million. We’re running at a third of the spring peak. We’re at half of what this same stretch of summer produced a year ago. Summer explains part of it. It does not explain half. The tape agrees with the volume. The S&P 500 broke above its multi-decade channel, then fell right back inside it, and it’s retesting that old resistance as resistance again. Chaikin Money Flow crossed down at the same time. Blake reads that as net selling rather than traders simply closing out positions. Then he showed where the money went. The goods trade deficit printed negative $118.8 billion. From 2015 through 2020 that number lived in the $60 to $70 billion range. The last