$NVDA would like to see more buys after the buys with mild short covers seen last week. Will alert once the case.

Two things to understand the importance of 6796 this week: 1. In the last 4 years of tracking🐳positions, there have never been as many short cores concentrated in one place as now at $ES_F 6800 (exactly 6796.50), while bulls only feel pain below OTF net longs at 6769. 2. Bond

The only sells coming are at the call wall courtesy of MM containment. Notice the bounce at 6796 without the need for buyers. Now 6820 $ES_F

6796 " No need for buyers"

We are testing into 6840 Untested VT from 11/13/25. The edge at this level is that a close ES above 6840 would open the path to the untested short core at 6917. So while we can trade two-way on the way to it, keep this agenda on the charts. $ES_F now 6840.75

Seeing bond shorts begin covering and initiating long positions in #ZN_F. As Bond shorts cover and establish longs, we can see short-term weakness in equities. Not a time to be complacent when bond traders are covering shorts and building long cores. ES now 6845

Last time the 10yr Bond 🐳 established long #ZN_F cores was 10/26/25. Will alert if we see additional before close to see if any aggressive build.

$NVDA buyers we noted are reducing their position on this open today while will maintain some of the cores. We wait to buy with them again.

Opening sells/shorts covered $NVDA

Seeing additional demand in bonds today.

Quick update: We are seeing cores being established in the 10-year $ZN_F. Net shorts continue to provide a bid. With bonds building continued core positions, bulls must not allow a break below 6796.25, given the amount of long cores built in the 10-year bond versus short cores

Current Inventory into FOMC week. Easy bias for bulls in pain: ES_F below NL 6839. (S)horts pressed above 6859.75 weekly Net S aka “no need for buyers above 6859.75” condition). Bonds continue holding long cores in #ZN_F. What bulls want to see: bond longs exiting

Inventory versus RTH low and Globex low. All provided before FOMC. Why RTH #ES_F low 6839 ? What conditions happens on recovery ES 6859? "No buyers ne....."

Failure to hold 6839 keeps long in pain. Shorts in pain over 6859.25 Now $ES_F 6840.25

$NVDA update: After selling the news, seeing covering and some establishing long cores into today lows. Would like to see more, but nice to see appetite.

$NVDA Update: Exits seen from buying into lows. These are exits, not shorts—the large exits from block buys alerted early in the week.

Waiting on new bond flows. They are neutral, having reduced long builds before end of last year.