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SPX flow turns first. Futures delta follows.

Under the Price EditorialUpdated 2 min read
THE SHORT ANSWERSPX options CVD separated sharply below SPY and QQQ near the ES low. Futures delta lagged by a few minutes, then showed the same loss of downside progress as ES turned higher. The sequence shows why we use both tools together.
MAXIMUM MOVE SHOWNAbout 19–20 ES points from the low to the subsequent high (roughly 0.25%–0.26%).
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 SPX options CVD separating below SPY and QQQ on August 24, 2026.amonhen.helmfi.ai
Amon Hen Compare · August 24, 2026. SPX options flow reaches a clear downside extreme while SPY and QQQ remain much steadier. · Amon Hen by HelmFi ↗
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The yellow SPX line fell well below SPY and QQQ late in the session. The other two markets held much steadier, creating a clear cross-index divergence as ES approached an intraday low.

Options CVD supplied the first clue. The futures chart had not completed its own confirmation at exactly the same moment.

What happened next?

ES one-minute chart showing price turning higher while futures cumulative delta remains weak on August 24, 2026.
ES and futures cumulative delta · August 24, 2026. Price begins to respond before the delta picture fully turns.
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ES stopped moving lower and began to recover. Futures cumulative delta remained weak for a few more minutes, but the selling was producing less downside progress in price.

Once that futures price-and-delta relationship became visible, ES continued higher by roughly 19–20 points from the low to the next high.

Why was it interesting?

The two tools did different jobs. Options CVD identified the unusual separation first. Futures delta then helped show that continued aggressive selling was no longer pushing ES lower.

Waiting for both charts to turn at the same instant would have missed the useful sequence. The lag itself was part of the information.

What should we watch next time?

Watch for SPX to break sharply below SPY and QQQ near a price low. Then move to the futures chart and ask whether falling delta is still producing lower prices.

The setup becomes stronger when options flow reaches an extreme first and ES begins holding or rising while futures delta is still catching up.

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 flow charts. One price response. →SPX flow breaks lower. ES refuses to follow. →A sharp SPX call imbalance. A rebound to study. →

Educational information only. Trading involves risk. Read the full disclaimer.