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I just reviewed the options data and something is happening in the market. The Nasdaq 100 put-call ratio shot up to 1.2, the highest level since the 2022 crash. That means there are many more people buying protection on tech stocks than speculating on the upside.
What's interesting is that the S&P 500 also shows a put-call ratio of 0.9, the highest since April 2025. Both indices are sending the same signal: investors are scared. The trading volume in put options is at the second-highest level in two years, only below what we saw some time ago. It's as if everyone is looking for an umbrella before it rains.
These types of movements in the put-call ratio usually coincide with corrections of 3–5% that we've seen since early 2024. It's not that the market will fall tomorrow, but there is definitely more defensive coverage than offensive right now. Interesting to watch in the coming days.