THE SHORT ANSWERSPX call flow reached an extreme in both directions. Heavy call buying appeared near the morning high, while heavy call selling appeared near the afternoon low. ES reversed after each one.
MAXIMUM MOVE SHOWNMorning decline: about 18 ES points (0.23%). Afternoon rebound: about 21 ES points (0.28%).
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.
In the morning, the yellow SPX line jumped above SPY and QQQ. Split shows that calls caused the move, with call CVD rising to roughly +14,000 near an ES high.
Late in the session, the opposite happened. SPX call CVD fell toward −14,000 as ES reached its afternoon low.
What happened next?
ES and futures cumulative delta · September 1, 2026. ES turns lower after the morning extreme and rebounds from the afternoon low. Open chart at full size ↗
After the morning burst of call buying, ES turned lower. After the late burst of call selling, ES rebounded from the low.
The flow extremes appeared near both ends of the day’s large moves.
The same session showed both sides of the idea. Extreme call buying appeared near a high, and extreme call selling appeared near a low.
Compare found the separation. Split showed that calls were driving it. The ES chart showed how price responded.
What should we watch next time?
Watch for SPX to break sharply away from SPY and QQQ, then check whether calls caused the move. The setup becomes more interesting when ES is already near an intraday extreme.
We want to see whether price stops following the flow as the call buying or selling begins to fade.
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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