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![Yam_Trades Avatar](https://lunarcrush.com/gi/w:24/cr:twitter::1509949361303654400.png) Yamco [@Yam_Trades](/creator/twitter/Yam_Trades) on x 3361 followers
Created: 2025-07-23 16:33:36 UTC

$SPX

Posted this to my substack yesterday at 1700 EST.... 
This represented balance and the upper edge of the straddle yesterday at close.

it's just a guess looking at positioning - sometimes I get it right... sometimes I get it wrong... 

I sold my upside into the rally but didn't fade the move lower.

Market Update from @ConvexValue 
-Deltas continue to climb across the complex - Note these are transactional deltas across expiration dates.

X Day view of Net Dealer Positioning from @OptionsDepth 
-on EUR/US trade deal, there was a large ~17k contract Call Credit spread sold on the big spike up. That trader thinks that is the ceiling.
-We could very well see a grind higher there but I don't see that as likely.

The past X days have been fades back to a flattish close inside the straddle... Why should today be any different?

I maintain structurally bullish into August.

![](https://pbs.twimg.com/media/Gwjj0IqaUAEoROL.png)

XXXXX engagements

![Engagements Line Chart](https://lunarcrush.com/gi/w:600/p:tweet::1948058929335844907/c:line.svg)

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[Post Link](https://x.com/Yam_Trades/status/1948058929335844907)