US pre market

ES, QQQ, BABA, BRENT, CVX

Good morning and good afternoon,

Analysts change:

Let’s start with ES 3M OTM SKEW

As mentioned yesteday, this was solely a left tail hedging activity.. while most have seen this pullback as the beginning of a drop, block trade flow into SPY & QQQ hit a new high..The skew has picked up following price action. POC 4973.