Equity Market Technicals: Record Put Volume, Potential Late-October Low
SPY and QQQ saw their 2nd and 3rd highest put volume ever on Friday. Breadth has improved for two consecutive weeks. Historically, late-October midterm years mark major lows.
What we know
An account on X amplifies that SPY put volume hit its 3rd highest ever and QQQ its 2nd highest ever on Friday, historically associated with major lows in midterm October. Another account on X notes the average S&P 500 stock has now rallied for two consecutive weeks, a constructive breadth signal. On crypto, another account on X sees BTC still needing to test the $83K short cluster, while another account on X is moving to capital-preservation mode due to elevated long-dated put-call skew.
By the Global Eye 24 desk, with AI assistance. Updated as the story develops. Spot an error? Write to corrections@globaleye24.com.