That had the characteristics of options unraveling without doing much at all, and we didn’t have a very exciting day because of it. The market opened dead flat and remained in a 4 point ES range for the first hour. After that, volume held up and we started to head lower for 30 minutes, which is what you expect to see from options unraveling, and we did hold down under that level for the rest of the session, including a sell-off late after a failed rally attempt. Overall, you would have to say that this was options unraveling, it wasn’t much (which is often the case in August), and it didn’t lend itself to good opportunities during the session. Meanwhile, it doesn’t bode well for the rest of the week as we head into options expiration if unraveling is done. The NASDAQ side was even worse today, more flat than we’ve seen it yet, and NASDAQ volume closed at 1.55 billion shares.

ES with Tradesight Levels:

NQ with Tradesight Levels:

ES with Tradesight Market Directional Tool:

Stock Results:

With each stock’s recap, we will include a (with market support) or (without market support) tag, designating whether the trade triggered with or without market directional support at the time. Anything in the first five minutes will be considered WITHOUT market support because market direction cannot be determined that early. ETF calls do not require market support, and are thus either winners or losers.

From the report, BDBD triggered long (without market support) and didn’t work:

LNCO and LBTYA gapped under the short triggers, no plays.

From the Messenger/Tradesight_st Twitter Feed, Mark’s JPM triggered long (without market support) and didn’t work:

SINA triggered long (without market support) and didn’t work:

EBAY triggered long (without market support) and didn’t work:

GILD triggered long (without market support) and didn’t work:

GS triggered short (with market support) and worked enough for a partial:

AMZN triggered short (with market support) and didn’t work:

NTAP triggered short (with market support) and didn’t work:

In total, that’s 3 trades triggering with market support, 1 of them worked, 2 did not.

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