$S&P 500(.SPX)$ $Dow Jones(.DJI)$  $SPDR S&P 500 ETF Trust(SPY)$  08Jan26 ET 🇺🇸 | 09Jan26 NZT 🇳🇿 Midday check in. I’m tracking a controlled volatility unwind with rotation under the surface. $DJI +267.86 or +0.55% at 49,263 as cyclicals and defense drive index recovery after yesterday’s risk reset. $SPX flat at 6,917, pinned by gamma and index hedging, while $IXIC -148.68 or -0.63% reflects tech rotation rather than broad risk-off. Volatility continues to leak lower with $VIX at 15.33, confirming no stress impulse.

$6905, $6915, $6925 $SPX - Range for 2 hours!

Breadth is constructive but uneven. NYSE advancers lead decliners 2,204 to 1,507 with a 1.46 A/D ratio, confirming industrial and value participation. Nasdaq breadth is thinner at 1.14 as high beta tech digests positioning. New highs continue to expand, 162 on NYSE and 368 on Nasdaq, signalling trend persistence despite rotation.

Options flow is reinforcing the dip-buying regime. Total volume shows 16.5M calls versus 10.8M puts with a 0.65 put call ratio. 🚨 I’m also seeing $4M+ in single-leg, opening bullish call flow hit the tape in $SPY, targeting the 30Jan26 expiry at the $699 strike, roughly 1.36% OTM. That positioning confirms upside intent, active liquidity, and dealer gamma sensitivity into the afternoon session.

Defense momentum is accelerating after Trump’s $1.5T defence spend call, while oil’s rebound is feeding energy flows and cross-asset support. This remains rotation, not distribution. Structure, flow, liquidity, and positioning continue to dominate the tape.

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