JPM put on a massive put collar hedge at the end of each quarter which requires market makers to hedge by selling thousands and thousands of ES futures. I'd argue that the entire price action this week has been on the back of the side effects of this trade. Now that it is done with until EOY, the markets should pick a direction soon. Don't be surprised to see a decent rally into mid-October. The short call side of the collar (this quarter it is SPX 4505) tends to act as a magnet.
JPM put on a massive put collar hedge at the end of each quarter...
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 (20min delay)
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Last
$25.32 |
Change
-0.730(2.80%) |
Mkt cap ! $77.95B | |||
| Open | High | Low | Value | Volume |
| $25.73 | $25.73 | $25.31 | $100.9M | 3.969M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 3 | 11282 | $25.31 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $25.45 | 12103 | 4 |
View Market Depth
| Last trade - 16.10pm 01/05/2024 (20 minute delay) ? |
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Last
$25.38 |
Change
-0.730 ( 2.72 %) |
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| Open | High | Low | Volume | ||
| $25.72 | $25.72 | $25.31 | 658322 | ||
| Last updated 15.59pm 01/05/2024 ? | |||||
| FMG (ASX) Chart |