1. After the premium data came out, it leaned negative. ETF flows are trending out... (Image 1) 2. A weak model appeared, but it couldn’t bounce back. Decided to close half the position to reduce exposure... (Image 2) 3. Both longs and shorts are actively entering the market... The first wave of short positions was opened at 77k. For the longs to bounce up and hit today’s VWAP, they need to push past 77k to force these shorts to close... (Image 3) Similarly for the shorts, to liquidate the longs, they need to break the previous low and the 76.5k orders here. (Image 4)