THE SHORT ANSWERSPX options CVD fell sharply below SPY and QQQ near the ES low. ES then recovered while futures cumulative delta remained weak. Options flow marked the area, and the failure of futures selling to keep price down strengthened the rebound setup.
MAXIMUM MOVE SHOWNAbout 15–16 ES points from the low to the later high (roughly 0.20%).
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.
SPX options CVD separated sharply below SPY and QQQ through the afternoon. The divergence reached its widest point near the marked ES low.
SPY and QQQ flow stayed comparatively firm while the SPX line moved to an extreme.
What happened next?
ES and futures cumulative delta · August 21, 2026. Price turns higher even as delta remains under pressure. Open chart at full size ↗
ES stopped declining and began to recover. Futures cumulative delta stayed soft even as price lifted from the low.
The recovery reached roughly 15–16 ES points from the low to the later session high.
Why was it interesting?
The options chart showed an unusual SPX divergence. The futures chart added a second clue: aggressive selling continued, but ES was no longer giving sellers much progress.
Together, the charts showed both the flow extreme and the changing price response.
What should we watch next time?
When SPX flow breaks below the other indexes, watch whether ES is already near a meaningful intraday low. Then compare each new low in futures delta with the actual response in price.
A firm or rising ES price while delta remains weak may show that the selling is being absorbed.
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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