SPX PUT/CALL RATIO 1.05 (The numbers reflect options traded during the current session.) A put-call ratio below 0.7 is generally considered bullish, and a put-call ratio above 1.0 is generally considered bearish.

GS Flow Desk: large S&P 31Aug 7000/7950 strangle in roughly $20mm vega / $115mm premium …My Read – classic “big convexity versus carry” trade: either someone paid a lot to own a wide August move, or someone got paid a lot to bet that the S&P stays comfortably inside the 7000–7950 corridor

JHEQX Q3 Collar Short Call Cap: ~7,750 – 7,900 - Long Put Strike: ~7,050 – 7,100 (approx. 5% downside protection) Short Put Strike: ~5,950

DEC2025 OPEX to DEC2026 OPEX is 945 points giving us a range of [5889,7779]

WEEKLY BULL BEAR ZONE 7620/00

WEEKLY RANGE RES 7795/7806 SUP 7595/72

MONTHLY RANGE RES 7838 SUP 7258

DAILY VWAP BULLISH 7686

WEEKLY VWAP BULLISH 7634

MONTHLY VWAP BULLISH 7503

DAILY STRUCTURE - OTFH - 7702

WEEKLY STRUCTURE - BALANCE - 7838.5/7542.75

MONTHLY STRUCTURE - OTFH - 7345.75

Balance: This refers to a market condition where prices move within a defined range, reflecting uncertainty as participants await further market-generated information. Our approach to balance includes favouring fade trades at the range extremes (highs/lows) while preparing for potential breakout scenarios if the balance shifts.

One-Time Framing Higher (OTFH): This represents a market trend where each successive bar forms a higher low, signalling a strong and consistent upward movement.

One-Time Framing Lower (OTFL): This describes a market trend where each successive bar forms a lower high, indicating a pronounced and steady downward movement.

DAILY BULL BEAR ZONE 7735/45

GAP FILL 7766.25

GAMMA FLIP 7713

DELTA FLIP 7673

TECHNICAL EQUALITY OBJECTIVE 7626

DAILY RANGE RES 7803 SUP 7661

2 SIGMA RES 7874 SUP 7590

VIX BULL BEAR ZONE 17.3 (VVIX / VIX) 5.41

TRADES & TARGETS

LONG ON ACCEPTANCE ABOVE DBBZ TARET DAILY RANGE RES

LONG ON REJECT/RECLAIM OF WBBZ TARGET RTH CLOSE 7690

***ADDITIONAL SETUPS & TARGETS HIGHLIGHTED ON THE CHARTS***

(I FADE TESTS OF 2 SIGMA LEVELS ESPECIALLY INTO THE FINAL HOUR OF THE NY CASH SESSION AS 90% OF THE TIME WHEN TESTED THE MARKET WILL CLOSE ABOVE OR BELOW THESE LEVELS)

Disclaimer: The material provided is for information purposes only and should not be considered as investment advice. The views, information, or opinions expressed in the text belong solely to the author, and not to the author’s employer, organization, committee or other group or individual or company.

Past performance is not indicative of future results.

High Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% and 73% of retail investor accounts lose money when trading CFDs with Tickmill UK Ltd and Tickmill Europe Ltd respectively. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Futures and Options: Trading futures and options on margin carries a high degree of risk and may result in losses exceeding your initial investment. These products are not suitable for all investors. Ensure you fully understand the risks and take appropriate care to manage your risk.

Written by Patrick Munnelly

Patrick has been involved in the financial markets for well over a decade as a self-educated professional trader and money manager. Flitting between the roles of market commentator, analyst and mentor, Patrick has improved the technical skills and psychological stance of literally hundreds of traders – coaching them to become savvy market operators!