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A sharp SPX call imbalance. A rebound to study.

Under the Price EditorialUpdated 2 min read
THE SHORT ANSWERSPX call CVD fell sharply while SPY and QQQ changed much less. QQQ then rebounded. We want to keep watching for this combination as a possible sign of short-term exhaustion.
MAXIMUM MOVE SHOWNAbout 5.20 QQQ points from the morning low to the rebound high (0.73%).
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 shows SPX options flow separating from SPY and QQQ alongside a QQQ price chart.amonhen.helmfi.ai
September 8, 2026 · SPX options flow breaks away while QQQ begins to recover. · Amon Hen by HelmFi ↗
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SPX call CVD dropped sharply shortly after 10:00 ET while SPY and QQQ flow remained much steadier. Split shows that calls created most of the move.

The call line reached roughly −17,000. That is a cumulative difference between classified ask-side and bid-side trades, rather than total option volume.

What happened next?

QQQ one-minute chart showing a morning low near 715.6 and later recovery near 720.8.
QQQ 1-minute chart · September 8. Price recovers by about five points from the morning low.
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QQQ made its morning low during the sharp SPX move and then recovered by about five points. The other indexes did not follow SPX flow lower in the same way.

That sequence makes the event interesting: one options market showed an extreme move while the broader price response began to stabilize.

Why was it interesting?

A sharp move in SPX call flow may sometimes mark exhaustion, especially when SPY and QQQ are not confirming it. QQQ may offer a clean way to follow the broader market response.

The size and speed of the divergence matter more than the final CVD number by itself.

What should we watch next time?

Keep an eye on moves around 5,000, 10,000 and 15,000 contracts so we can learn which ones are large enough to matter. Also watch how quickly the move happens and whether the other indexes confirm it.

The best candidates may be the sessions where SPX flow reaches an extreme, begins to level out and QQQ or SPY remains firm. We also need to save the examples that keep moving instead of reversing.

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.

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BUILD ON THIS IDEA

Options CVD: read the flow behind the move →Two flow charts. One price response. →Buying all day. Price going nowhere. →

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