The market went through an extremely bullish trading session yesterday with QQQ breaking out of the call wall at 372 and starting to melt-up throughout the session, pulling SPX above the call wall at 4500 and SPY pushing to touch 450 near the end of the session. Overall, yesterday's market action was largely due to positioning (call wall shifting from 370 to 380 for QQQ), bullish sentiment post-CPI report, and general volatility suppression. Put buyers and shorts were almost absent throughout yesterday with buyers, both organic and hedgers, dominating the market, as shown on internals.
Notably, most long positions across the entire market are concentrated in individual stocks rather than on indices, for example Google yesterday with all options traded being calls right from the open and put buyers completely absent.
