 Hi everyone, this is Mike Kramer of ModCapital with a check-in for May 30th. It's around 12 o'clock New York time. So this week we're gonna obviously have a lot of important economic data. And the first round of important economic data is gonna come tomorrow at 10 a.m. New York time with the jolts job openings data. Estimates are for 9.4 million job openings, which would be down from 9.59 million last month. These numbers are very jumpy and they tend to be revised quite a bit. So it's not only important to pay attention to what the actual number is, but to what the revisions are as well. What's interesting though is that if we use the job postings on indeed versus the actual job jolts numbers, we can see that there's a very similar trend to both of them. And the jolts data and the indeed data both show that there's a decline in the number of job openings. But what the indeed data also shows is that there's also been a slight, there was also a slight uptick in the month of April over where they were in the month of March. And so what this is sort of implying to us is that perhaps the number in the job openings doesn't come down quite as significantly as what the market is currently estimating. And so this is just something worth keeping in mind, especially heading into these numbers tomorrow. Because again, expectations are for a fairly big decline in the number of job openings, but the indeed data would certainly suggest that may not be the case or it could also leave open room for a modest revision for the data in March. Remember that the jolts data coming for tomorrow is for April, it's not for the month of May. This data is always about one month behind the actual job's data. What also is interesting today is what we're observing is happening in the NASDAQ 100. Here you can see the NASDAQ 100 is trading up about another 90 basis points today and it's trading as high as about 14,500, 400 or so. It's starting to get very overextended on the daily chart. You can see that when we look at the RSI, for example, the RSI is now at 76. And what's interesting is when you look at the NASDAQ 100 and you look at it on a weekly chart, you can see the weekly chart showing an RSI of 71.5. And when you include the Bollinger Band in there as well, you can see we're trading well above the upper Bollinger Band, which is also an indication of it being overbought, not just on a daily basis, but also on a weekly basis. And when we look at the percent B, this is another way to quickly kind of scan and see just how overbought we may be. You can see that we're over, again, above the upper Bollinger Band. And what's interesting is that you typically don't get many instances where the index is above the upper Bollinger Band with an RSI also above 70. Such an occurrence happened here in November of 21. You can also see that such an occurrence did kind of occur just barely in February of 2020. You can also see that similar events happened here in January of 2018. And so there's just not many occurrences where you get a dynamic, where you have the data suggesting that you have an RSI over 70 and above the upper Bollinger Band, like here, for example, you have the upper Bollinger Band, but the RSI is still below 70. And again, this is just a very rare occurrence, and typically this occurs when you get towards market tops or at least a short-term reversal in the market. Again, it's suggesting that the index is significantly overbought. When we look at it from another perspective, you can look at it from almost an option market perspective. And what you can see here is the green line is the price of the QQQ ETF. You can see that that's risen rather dramatically. The purple line is the 30-day call implied volatility. Here you can see that that's been rising. So you have price rising with implied volatility rising. On the bottom, you have what's a skew is what the difference is between the 190% money-ness and the 110% money-ness implied volatility, which is falling. Again, this is a typical dynamic that you see in gamma squeezes. And it's easy to see when you look at it from another perspective as well. So if we take the QQQ and we look at it from another perspective, you can see it as well. Also suggesting that you're having what's called a gamma squeeze where you have call volume accelerating with implied volatility rising and skew coming down. You're seeing that here very clearly is the case. And specifically when you start looking at specific stocks, you can see it really happening in things like things like such as NVIDIA, or again, you have an acceleration and extended amount of call buying. Again, we're only halfway through the trading day here today and you can see call buying is very active in NVIDIA. Price up implied volatility up skew coming down. This suggests that there's very much a desire and a need to buy calls. And again, here you can see the same thing happening in AVGO. Again, here you can see heavy call volume, big upside to implied volatility, big decline in skew. So what this is suggesting is that you're seeing basically a very large type of gamma squeeze occurring not just in, again, if you start going through some of the bigger names that have really had pretty significant runs over the last couple of days and weeks, what this is sort of implying to us is that this rally may be sort of starting to burn itself out because you're seeing, again, skew coming down and implied volatility coming up and call volume really accelerating. And typically what happens is that these gamma squeezes tend to burn themselves out. And if that's the case, then what we're seeing flashing here on the technicals of being overbought on the NDX is potentially a sign that this gamma squeeze or this rally we've seen that's been sort of a feeding frenzy upon itself in the NASDAQ is coming to an end. And then finally, here we are with the S&P 500. We opened higher, they got the index to as high as 42 and a quarter. That was sort of where the upper bound and the upper end of the range we've been talking about this 4200 to 42 and a quarter level. You can see that we got back up here. We filled a gap and that basically was the top on the day at least so far. So again, this 4200 to 42 and a quarter level continues to be very, very strong resistance for the NDX. And one reason why that may be, again, is because you're seeing just based again on option market positioning. Here you can see the S&P 500 zero DTE May 30th options. You can see a lot of them trading 4200 on the puts, 4230 on the calls. Again, you can see a lot of call gamma here sort of acting as resistance in terms of it rising. Anyway, so that at this point at least is keeping things in check. And I think that's why this 4200 to 42 and a quarter range continues to be a very tough spot for the S&P. And I think that may be why you're starting to see some of this NASDAQ rally begin to potentially fizzle. You can see already Broadcom, for example, big opening rally kind of fading throughout the day. NVIDIA also big opening rally has been sort of just consolidating now inside the day's trading range. So again, keep an eye on implied volatility levels. If price starts rising with implied volatility rising here with the VXN, again, the more it rises, the more it rises with price, the more skew comes down meaning there's a push towards owning calls away from puts. The more the indication is, is that this rally is just kind of burning itself out and that the end is pretty near. And again, if you look at where the technicals are in the options market, it seems like at least for the NASDAQ, which again, has really sort of risen sharply and broke out and has gone sort of vertical over the last couple of days, seems like it may be closer to the end than really extending much further at this point. So anyway, hope this helps. Have a great rest of your day. Bye.