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At the start of March I outlined 2 possible directions JHEQX would flow and after a brief fake out lower in early march, turned around and ran up to the Call strike for expiry.
This completed leg 2 of a 6 month prediction I outlined a month earlier.
Sentiment has changed in the past few weeks to a more Bullish as "this isn't QE" liquidity entered the system after SVB and provided very positive overall Gamma for end of March into early April.
The S&P has now completed the shoulder and retesting the neckline for a much broader 200D move higher to the JHQDX strike at 4290 for the end of April.
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JHQDX Update.
Closing in on the last 11 days of April, hedging flows are supportive and could continue higher following OPEX on Friday if no other volatility pushes the fund below zero gamma.
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JHQTX Update
And finally the smallest of the funds is trading the highest on the call strike since 2021 QE had the similar vol compressing slow grind higher.
So when someone tells you the Steps the Fed took to prevent a banking crisis was not QE, just look at the tape.