S&P 500754.37-0.36%

Gold3,886+0.03%

Bitcoin64,673-0.93%

Sectors 200D7/11MIXED

Market churn1.94×VERY BUSY

Smart money-0.92HEAVILY SHORT

01

Calendar

Event	Date
Federal Open Market Committee	2026-12-09
Funding deadline	2026-12-11

02

Macro

Instrument	Read	In 52W range	Last	1W	YTD
Dollar IndexDXY	RICH	100%	103.41	+1.08%	+5.22%
GoldGOLD	CHEAP	0%	$3,886	-4.63%	-10.48%
Gold MinersGDX	CHEAP	24%	$81.64	-6.80%	-4.82%
WTI CrudeWTI	FAIR	58%	$88.56	-2.50%	+54.23%
Brent CrudeBRENT	FAIR	62%	$95.84	-2.52%	+57.50%
High YieldJNK	CHEAP	1%	$92.32	-0.41%	-5.03%
Long TreasuriesTLT	CHEAP	17%	$79.38	-3.10%	-8.93%
S&P 500SPY	RICH	83%	$754.37	+2.59%	+10.62%
Nasdaq 100QQQ	FAIR	60%	$679.89	+3.63%	+10.68%
Russell 2000IWM	FAIR	64%	$277.54	+1.41%	+12.75%
Equal WeightRSP	RICH	95%	$221.16	+2.37%	+15.45%
GrowthIWF	FAIR	46%	$114.89	+2.81%	-2.90%
ValueIWD	RICH	97%	$263.31	+2.28%	+25.18%
VolatilityVIX	CHEAP	33%	19.30	-24.73%	+29.10%

Chokepoints

Chokepoint	Read	Oct 2026	Oct 2025	Last 7 days	Tankers, 7 days
Strait of Hormuz	VERY LOW	3.8	89.4	3.9	1.0
Kerch Strait	VERY LOW	0.1	20.8	0.0	0.0
Bosporus Strait	VERY LOW	49.4	98.4	45.4	12.7
Bab el-Mandeb Strait	LOW	27.9	36.1	26.3	6.9
Suez Canal	NORMAL	43.1	41.3	44.4	15.4
Cape of Good Hope	NORMAL	87.8	94.1	77.9	15.9
Panama Canal	LOW	27.3	32.0	27.3	12.1
Oresund Strait	NORMAL	40.7	45.4	43.7	10.1
Malacca Strait	NORMAL	222.1	242.2	235.9	83.6
Taiwan Strait	NORMAL	223.6	212.2	229.9	45.9
Luzon Strait	HIGH	93.7	73.2	96.7	34.0
Dover Strait	NORMAL	162.3	170.4	177.3	54.9
Gibraltar Strait	NORMAL	128.0	135.0	136.0	42.3

IMF PortWatch, daily averages. Counts only ships broadcasting a position, so it undercounts dark transits.

03

Regions

Region	Session	Last	Read	In 52W range	On the day
JapanNIKKEI	—	61,142	FAIR	53%	+0.53%
TaiwanTAIEX	—	43,675	FAIR	74%	+1.35%
KoreaKOSPI	—	5,291	CHEAP	27%	-0.98%
GermanyDAX	—	26,750	RICH	100%	-0.08%
United KingdomFTSE	—	10,903	RICH	99%	+0.36%
United StatesNASDAQ	—	25,136	FAIR	64%	-0.91%

04

Sectors

Sector	Read	In 52W range	Last		1M
MaterialsXLB	RICH	86%	$52.23	0.06	+3.30%
DiscretionaryXLY	FAIR	76%	$119.98	0.08	+5.79%
FinancialsXLF	RICH	95%	$58.68	0.08	+6.17%
Regional BanksKRE	FAIR	73%	$72.74	0.07	+4.29%
Real EstateXLRE	FAIR	73%	$44.37	0.08	+5.67%
EnergyXLE	RICH	81%	$64.96	-0.00	-2.40%
IndustrialsXLI	FAIR	54%	$168.78	0.03	+0.53%
TechnologyXLK	FAIR	57%	$170.28	-0.08	-10.00%
SemiconductorsSMH	FAIR	47%	$486.75	-0.11	-12.90%
CommunicationsXLC	FAIR	44%	$108.69	-0.01	-3.34%
StaplesXLP	RICH	100%	$92.35	0.09	+6.54%
Health CareXLV	RICH	98%	$188.85	0.09	+6.58%
BiotechXBI	FAIR	67%	$150.55	0.03	+0.51%
UtilitiesXLU	FAIR	56%	$44.04	0.08	+5.74%
NuclearNLR	CHEAP	5%	$88.39	-0.06	-8.37%
Grid & ElectrificationGRID	CHEAP	26%	$160.29	-0.05	-6.87%
Data CentresDTCR	FAIR	44%	$25.37	-0.01	-3.32%
QuantumQTUM	FAIR	43%	$130.10	-0.06	-8.34%
Defence TechSHLD	CHEAP	9%	$59.80	0.01	-1.40%
SpaceARKX	CHEAP	29%	$29.22	-0.02	-4.29%
Bitcoin MinersWGMI	CHEAP	6%	$26.25	-0.22	-24.37%

05

Crypto · liquidity

BTC

$64,673

-0.93%

2.99499%

-0.22

-0.92

$2.41B

-5.29%

LONG LIQUIDATION

9.70%

-1.25%

ETH

$1,809

-0.97%

1.91599%

-0.47

-0.73

$1.07B

-1.21%

LONG LIQUIDATION

-10.15%

-21.10%

SOL

$71.12

-2.35%

1.93799%

-0.52

-0.99

$325M

-1.06%

LONG LIQUIDATION

-15.22%

-26.17%

HYPE

$67.16

+0.89%

0.85897%

-0.51

-0.90

$1.31B

-0.75%

SHORT COVERING

-20.06%

-31.01%

Turnover is 24h volume divided by open interest — how much of the standing book changes hands in a day. Lean runs −1 fully short to +1 fully long.

Liquidation gravitysmart cohort · clusters vs spot

HYPE$67.20

NONE WITHIN 30%

—

—

$177M · 23 CLUSTERS

BTC$64,687

BUYING ABOVE

$74,389 · $56M

+15%

$402M · 21 CLUSTERS

ETH$1,809

BUYING ABOVE

$1,990 · $15M

+10%

$198M · 18 CLUSTERS

SOL$71.12

NONE WITHIN 30%

—

—

$77M · 23 CLUSTERS

BTC optionscalls vs puts · put/call 1.69

BTC DVOL44.37

33.59 – 47.29

98th

+3.38

16NOV2616H

4,879 · TALLEST 1,002

$60,000 · PUTS

$68,500 · +6%

±2.63%

17NOV261.7D

2,142 · TALLEST 300

$64,000 · PUTS

$66,500 · +3%

±3.93%

18NOV262.7D

889 · TALLEST 120

$74,000 · CALLS

$65,000 · +1%

±4.74%

27NOV2611.7D

76,768 · TALLEST 4,121

$63,000 · PUTS

$75,000 · +16%

±7.99%

Research Desk