The overnight ES profile is balanced but long. The middle of the distribution is 2868 but the volume poc is 2859 as of this note. The the overall interest appears to be about 75% short. CBOE SKEW of SPX tail risk has not changed much...strange — and VIX is just below 20 pre cash open. There does not seem much preparation for large vol spikes as of now. Chinese officials had a short meeting with US trade representatives yesterday and is supposed to talk again today but they are playing hard ball and not happy that tariffs have gone into effect now.
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