Feb 4 Update 3: Structure completely reorganized from Update 2; Market preparing for positive overnight changeover
Feb 4 Pre-Market: MM hedge prioritizes upside magnet/cap at 6940; but watch weak support at 6905 - 6900
Feb 3 Update 2: 6930 floor failed, triggering the waterfall scenario, as Bitcoin crashed concurrent with SPX decline
Feb 2 Pre-Market: MMs short gamma today (high volatility); implied NY opens at pivot -- 6885 floor defends downside, 6950 cap marks upside target
The BRIDGE (Jan 29-Jan 30): ESH26 Overnight Positioning --we won't be making ES updates until next week -- need to review our overnight ES protocols
The BRIDGE (Jan 28-Jan 29): ESH26 Overnight Positioning -- post-FOMC structure favors downside extension to test the ES 6996 floor
Jan 28 Update 1: (FOMC Day 2) -- current MM hedge imperatives favor continued downside pressure toward 6950