Options flow and GEX: reading SPX context to trade ES and NQ
Module 07 · 7 · NQ and the limits of GEXLesson 25 of 319 min🔒 Students only
On ES the levels, on NQ the regime
Most readers of this site trade the Nasdaq. So it is worth being clear about what SPX context brings them, and what it does not.
What carries over
The regime. The market makers driving ES through their SPX hedges are not isolated: the same desks run NDX and QQQ books, the indexes are correlated, and a dampened day on the S&P is rarely an explosive day on the Nasdaq. "Am I in a dampening or an amplifying market?" carries over very well from ES to NQ. A mid-session cross of the SPX gamma flip changes the behavior of NQ almost as surely as that of ES.
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The rest of this lesson is for students
Also in this lesson
- What does not carry over
- The method for an NQ trader
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