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QQQ CVD divergence at the second ES high.

Under the Price EditorialUpdated 2 min read
THE SHORT ANSWERQQQ options CVD made a higher high while ES returned to its morning high without breaking above it. This bearish divergence was the clue. Flow then turned down and ES sold off.
MAXIMUM MOVE SHOWNAbout 68 ES points from the morning high to the later low (0.87%).
Platform & relationship disclosure. Amon Hen is built by HelmFi ↗. We proposed and helped refine its options CVD feature. HelmFi compensated the trader behind Under the Price for an introductory video. That payment was for the video only; HelmFi is not paying for this website or its articles. Charts are used with permission; interpretations here are our own. Read the disclosure.

What stood out?

Amon Hen Compare chart showing QQQ options flow peaking above SPY and SPX on August 28, 2026.amonhen.helmfi.ai
Compare · August 28, 2026. The red arrow marks the higher QQQ CVD peak that diverged from the second ES high. · Amon Hen by HelmFi ↗
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QQQ options CVD made a higher high, but ES could not get above its earlier morning high. More options-flow strength was producing less price progress: a bearish divergence.

The second test of the ES high gave that divergence a clear location. We watched for the buying pressure to fade and price to turn down.

What happened next?

ES price and futures cumulative delta turning lower from a morning high on August 28, 2026.
ES and futures cumulative delta · August 28, 2026. Both turn down after the marked morning high.
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QQQ options flow reversed sharply. ES turned down at the same time and futures cumulative delta moved from positive to negative.

ES fell roughly 68 points from the morning high to the later session low.

Why was it interesting?

The divergence showed that the stronger QQQ options reading was not translating into a higher ES price. Falling futures cumulative delta then showed selling taking over.

The two tools told the story in order: a bearish divergence near the high, followed by futures selling and a sustained price decline.

What should we watch next time?

Watch for one index to separate sharply in Compare while price tests an earlier high. If that line turns down and futures cumulative delta follows, the reversal may have room to continue.

The second test of a high may be especially useful because it gives the options-flow extreme a clear price location.

About the perspective

Under the Price brings a trading perspective dating to 1997 to futures cumulative delta, options flow and the process of studying unusual market behavior. We explain the observation, its possible interpretation and the evidence still needed.

How we approach evidence and editorial review →

BUILD ON THIS IDEA

Two call-flow extremes. Two ES reversals. →Options CVD: read the flow behind the move →Cumulative delta: what it tells you—and what it cannot →

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