In the last update we mentioned that SPY would be rejected at 412 413 and the price was pushed back to 410. After returning 410 the price gained important support as huge amount of money was moved in. darkpool at 410 price range before last night’s open(h1). In addition, the large gamma at 410 helped the spy recover from 410 to 415, leading to BTC from 265 to 275 (h2). Currently, SPY is still closed and is about to prepare for a very large maturity session May 19. The reopening can spy only a slight increase for a short period, maybe 416 odd because of the large positive gammas at 415 416(h3,h4). For BTC, the liquidity is not too much on the upper side, focusing close to the 28k(h5) range. Besides, long positions have started to come back quite a lot and continue to abuse large leverage (h6). The spot market is very unclear coming from whale wallets when there is a quick selling action at 27 and selling close to 27k(h7). continued the behavior of using large pending buy orders below 255 to attract liquidity to push the price back up to 275. Conclusion when SPY reopens, it can push BTC up another segment but will soon bounce back below and the volatility will continue to be pushed up tomorrow 19/5 when the dvol(h8) level returns to support again.