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Slumping SOX And Nasty NVDA

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Feb 10, 2025 · 16:18

<h3><strong><a href="https://themarketear.com/posts/c7j6ayIouq">Not so sexy SOX</a></strong></h3><p>SOX is down to trend channel lows, trading just above the 21 day moving average. This trend has stayed intact since mid April, but recall what Goldman's Callahan pointed out last week (<a href="https://themarketear.com/newsletters/021cc0ed33b1e92b9fe3ff9b76831f74">here</a>): "...&nbsp;only years that started faster in the 30 year history of the index were 1995, 2000 &amp; 2023."</p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" href="https://substackcdn.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F35f7683b-d27c-4cf4-bdcf-d15901075d1b_1302x882.png" target="_blank"><div class="image2-inset"><source type="image/webp" /><img alt="&lt;a href=&quot;https://themarketear.com/posts/c7j6ayIouq&quot; rel=&quot;noopener noreferrer&quot; target=&quot;_blank&quot;&gt;Not so sexy SOX&lt;/a&gt;" class="sizing-normal" height="882" src="https://substackcdn.com/image/fetch/w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F35f7683b-d27c-4cf4-bdcf-d15901075d1b_1302x882.png" title="&lt;a href=&quot;https://themarketear.com/posts/c7j6ayIouq&quot; rel=&quot;noopener noreferrer&quot; target=&quot;_blank&quot;&gt;Not so sexy SOX&lt;/a&gt;" width="1302" /><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><div class="pencraft pc-reset icon-container restack-image"><svg class="lucide lucide-refresh-cw" fill="none" height="20" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="2" viewBox="0 0 24 24" width="20" xmlns="http://www.w3.org/2000/svg"><path d="M3 12a9 9 0 0 1 9-9 9.75 9.75 0 0 1 6.74 2.74L21 8"></path><path d="M21 3v5h-5"></path><path d="M21 12a9 9 0 0 1-9 9 9.75 9.75 0 0 1-6.74-2.74L3 16"></path><path d="M8 16H3v5"></path></svg></div><div class="pencraft pc-reset icon-container view-image"><svg class="lucide lucide-maximize2" fill="none" height="20" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="2" viewBox="0 0 24 24" width="20" xmlns="http://www.w3.org/2000/svg"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></div></div></div></div></a><figcaption class="image-caption">Source: Refinitiv</figcaption></figure></div><h3><strong><a href="https://themarketear.com/posts/cpi7Dn2Mp6">As SOX goes...</a></strong></h3><p>...goes the market? SOX vs SPX.</p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" href="https://substackcdn.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa3888b07-4420-4408-9418-f5820be6efd4_1333x879.png" target="_blank"><div class="image2-inset"><source type="image/webp" /><img alt="&lt;a href=&quot;https://themarketear.com/posts/cpi7Dn2Mp6&quot; rel=&quot;noopener noreferrer&quot; target=&quot;_blank&quot;&gt;As SOX goes...&lt;/a&gt;" class="sizing-normal" height="879" src="https://substackcdn.com/image/fetch/w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa3888b07-4420-4408-9418-f5820be6efd4_1333x879.png" title="&lt;a href=&quot;https://themarketear.com/posts/cpi7Dn2Mp6&quot; rel=&quot;noopener noreferrer&quot; target=&quot;_blank&quot;&gt;As SOX goes...&lt;/a&gt;" width="1333" /><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><div class="pencraft pc-reset icon-container restack-image"><svg class="lucide lucide-refresh-cw" fill="none" height="20" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="2" viewBox="0 0 24 24" width="20" xmlns="http://www.w3.org/2000/svg"><path d="M3 12a9 9 0 0 1 9-9 9.75 9.75 0 0 1 6.74 2.74L21 8"></path><path d="M21 3v5h-5"></path><path d="M21 12a9 9 0 0 1-9 9 9.75 9.75 0 0 1-6.74-2.74L3 16"></path><path d="M8 16H3v5"></path></svg></div><div class="pencraft pc-reset icon-container view-image"><svg class="lucide lucide-maximize2" fill="none" height="20" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="2" viewBox="0 0 24 24" width="20" xmlns="http://www.w3.org/2000/svg"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></div></div></div></div></a><figcaption class="image-caption">Source: Refinitiv</figcaption></figure></div><h3><strong><a href="https://themarketear.com/posts/c5WU1y_ncp">SOX telling us something?</a></strong></h3><p>The SOX /SPX ratio reversed "violently" in recent sessions, leaving a gap between the ratio and the SPX. Watch relative SOX weakness carefully, as it has tended to spill over to the rest of the market.</p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" href="https://substackcdn.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F7e585e34-a443-43f1-a90a-c068a1d85f03_1348x886.png" target="_blank"><div class="image2-inset"><source type="image/webp" /><img alt="&lt;a href=&quot;https://themarketear.com/posts/c5WU1y_ncp&quot; rel=&quot;noopener noreferrer&quot; target=&quot;_blank&quot;&gt;SOX telling us something?&lt;/a&gt;" class="sizing-normal" height="886" src="https://substackcdn.com/image/fetch/w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F7e585e34-a443-43f1-a90a-c068a1d85f03_1348x886.png" title="&lt;a href=&quot;https://themarketear.com/posts/c5WU1y_ncp&quot; rel=&quot;noopener noreferrer&quot; target=&quot;_blank&quot;&gt;SOX telling us something?&lt;/a&gt;" width="1348" /><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><div class="pencraft pc-reset icon-container restack-image"><svg class="lucide lucide-refresh-cw" fill="none" height="20" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="2" viewBox="0 0 24 24" width="20" xmlns="http://www.w3.org/2000/svg"><path d="M3 12a9 9 0 0 1 9-9 9.75 9.75 0 0 1 6.74 2.74L21 8"></path><path d="M21 3v5h-5"></path><path d="M21 12a9 9 0 0 1-9 9 9.75 9.75 0 0 1-6.74-2.74L3 16"></path><path d="M8 16H3v5"></path></svg></div><div class="pencraft pc-reset icon-container view-image"><svg class="lucide lucide-maximize2" fill="none" height="20" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="2" viewBox="0 0 24 24" width="20" xmlns="http://www.w3.org/2000/svg"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></div></div></div></div></a><figcaption class="image-caption">Source: Refinitiv</figcaption></figure></div><h3><strong><a href="https://themarketear.com/posts/cL116rLNKV">NASDAQ - not low</a></strong></h3><p>NASDAQ managed reversing in the upper part of the big trend channel. We are slightly less overbought, but note the 50 day is way lower. 20k is a short term level to watch. A close below it and the next big support is down around the 19200 area.</p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" href="https://substackcdn.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb1033dd5-d6f9-4ce4-8dd7-8e77be8723f1_1325x877.png" target="_blank"><div class="image2-inset"><source type="image/webp" /><img alt="&lt;a href=&quot;https://themarketear.com/posts/cL116rLNKV&quot; rel=&quot;noopener noreferrer&quot; target=&quot;_blank&quot;&gt;NASDAQ - not low&lt;/a&gt;" class="sizing-normal" height="877" src="https://substackcdn.com/image/fetch/w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb1033dd5-d6f9-4ce4-8dd7-8e77be8723f1_1325x877.png" title="&lt;a href=&quot;https://themarketear.com/posts/cL116rLNKV&quot; rel=&quot;noopener noreferrer&quot; target=&quot;_blank&quot;&gt;NASDAQ - not low&lt;/a&gt;" width="1325" /><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><div class="pencraft pc-reset icon-container restack-image"><svg class="lucide lucide-refresh-cw" fill="none" height="20" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="2" viewBox="0 0 24 24" width="20" xmlns="http://www.w3.org/2000/svg"><path d="M3 12a9 9 0 0 1 9-9 9.75 9.75 0 0 1 6.74 2.74L21 8"></path><path d="M21 3v5h-5"></path><path d="M21 12a9 9 0 0 1-9 9 9.75 9.75 0 0 1-6.74-2.74L3 16"></path><path d="M8 16H3v5"></path></svg></div><div class="pencraft pc-reset icon-container view-image"><svg class="lucide lucide-maximize2" fill="none" height="20" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="2" viewBox="0 0 24 24" width="20" xmlns="http://www.w3.org/2000/svg"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></div></div></div></div></a><figcaption class="image-caption">Source: Refinitiv</figcaption></figure></div><h3><strong><a href="https://themarketear.com/posts/ckXQTFIZgD">NVDA technicals</a></strong></h3><p>NVDA is down around 15% from ATHs. Note we are trading right on the 21 day moving average, but still above the trend line that started in mid April. Despite the 15% correction from ATHs, this stock is still trading some 20% above the 50 day...</p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" href="https://substackcdn.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9702523d-3682-46c0-9459-08e1a97fa465_1300x880.png" target="_blank"><div class="image2-inset"><source type="image/webp" /><img alt="&lt;a href=&quot;https://themarketear.com/posts/ckXQTFIZgD&quot; rel=&quot;noopener noreferrer&quot; target=&quot;_blank&quot;&gt;NVDA technicals&lt;/a&gt;" class="sizing-normal" height="880" src="https://substackcdn.com/image/fetch/w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9702523d-3682-46c0-9459-08e1a97fa465_1300x880.png" title="&lt;a href=&quot;https://themarketear.com/posts/ckXQTFIZgD&quot; rel=&quot;noopener noreferrer&quot; target=&quot;_blank&quot;&gt;NVDA technicals&lt;/a&gt;" width="1300" /><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><div class="pencraft pc-reset icon-container restack-image"><svg class="lucide lucide-refresh-cw" fill="none" height="20" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="2" viewBox="0 0 24 24" width="20" xmlns="http://www.w3.org/2000/svg"><path d="M3 12a9 9 0 0 1 9-9 9.75 9.75 0 0 1 6.74 2.74L21 8"></path><path d="M21 3v5h-5"></path><path d="M21 12a9 9 0 0 1-9 9 9.75 9.75 0 0 1-6.74-2.74L3 16"></path><path d="M8 16H3v5"></path></svg></div><div class="pencraft pc-reset icon-container view-image"><svg class="lucide lucide-maximize2" fill="none" height="20" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="2" viewBox="0 0 24 24" width="20" xmlns="http://www.w3.org/2000/svg"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></div></div></div></div></a><figcaption class="image-caption">Source: Refinitiv</figcaption></figure></div><h3><strong><a href="https://themarketear.com/posts/cljsLKUvgL">As NVDA goes...</a></strong></h3><p>...goes the NASDAQ? Chart shows NVDA vs QQQ.</p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" href="https://substackcdn.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb135f2f2-e942-4b14-a1af-241caae8a6ca_1307x879.png" target="_blank"><div class="image2-inset"><source type="image/webp" /><img alt="&lt;a href=&quot;https://themarketear.com/posts/cljsLKUvgL&quot; rel=&quot;noopener noreferrer&quot; target=&quot;_blank&quot;&gt;As NVDA goes...&lt;/a&gt;" class="sizing-normal" height="879" src="https://substackcdn.com/image/fetch/w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb135f2f2-e942-4b14-a1af-241caae8a6ca_1307x879.png" title="&lt;a href=&quot;https://themarketear.com/posts/cljsLKUvgL&quot; rel=&quot;noopener noreferrer&quot; target=&quot;_blank&quot;&gt;As NVDA goes...&lt;/a&gt;" width="1307" /><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><div class="pencraft pc-reset icon-container restack-image"><svg class="lucide lucide-refresh-cw" fill="none" height="20" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="2" viewBox="0 0 24 24" width="20" xmlns="http://www.w3.org/2000/svg"><path d="M3 12a9 9 0 0 1 9-9 9.75 9.75 0 0 1 6.74 2.74L21 8"></path><path d="M21 3v5h-5"></path><path d="M21 12a9 9 0 0 1-9 9 9.75 9.75 0 0 1-6.74-2.74L3 16"></path><path d="M8 16H3v5"></path></svg></div><div class="pencraft pc-reset icon-container view-image"><svg class="lucide lucide-maximize2" fill="none" height="20" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="2" viewBox="0 0 24 24" width="20" xmlns="http://www.w3.org/2000/svg"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></div></div></div></div></a><figcaption class="image-caption">Source: Refinitiv</figcaption></figure></div><h3><strong><a href="https://themarketear.com/posts/czqfifDNED">NVDA - just doing what it is supposed to do?</a></strong></h3><p>Copper decided "ditching" part of the AI hype a few weeks ago, all outlined in our mid May note "<a href="https://themarketear.com/newsletters/d05d6a974549c0bd98231d1d280f1c84">Copper overheated...</a>." . NVDA seems to be catching up...</p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" href="https://substackcdn.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F0e63eab5-8f5e-48a4-b709-ea5fa4cab127_1337x878.png" target="_blank"><div class="image2-inset"><source type="image/webp" /><img alt="&lt;a href=&quot;https://themarketear.com/posts/czqfifDNED&quot; rel=&quot;noopener noreferrer&quot; target=&quot;_blank&quot;&gt;NVDA - just doing what it is supposed to do?&lt;/a&gt;" class="sizing-normal" height="878" src="https://substackcdn.com/image/fetch/w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F0e63eab5-8f5e-48a4-b709-ea5fa4cab127_1337x878.png" title="&lt;a href=&quot;https://themarketear.com/posts/czqfifDNED&quot; rel=&quot;noopener noreferrer&quot; target=&quot;_blank&quot;&gt;NVDA - just doing what it is supposed to do?&lt;/a&gt;" width="1337" /><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><div class="pencraft pc-reset icon-container restack-image"><svg class="lucide lucide-refresh-cw" fill="none" height="20" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="2" viewBox="0 0 24 24" width="20" xmlns="http://www.w3.org/2000/svg"><path d="M3 12a9 9 0 0 1 9-9 9.75 9.75 0 0 1 6.74 2.74L21 8"></path><path d="M21 3v5h-5"></path><path d="M21 12a9 9 0 0 1-9 9 9.75 9.75 0 0 1-6.74-2.74L3 16"></path><path d="M8 16H3v5"></path></svg></div><div class="pencraft pc-reset icon-container view-image"><svg class="lucide lucide-maximize2" fill="none" height="20" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="2" viewBox="0 0 24 24" width="20" xmlns="http://www.w3.org/2000/svg"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></div></div></div></div></a><figcaption class="image-caption">Source: Refinitiv</figcaption></figure></div><h3><strong><a href="https://themarketear.com/posts/c7JeUvR-BU">Did he jinx it?</a></strong></h3><p>Reposting from last week. Perfection....</p><div class="captioned-image-container"><figure><a class="image-link image2" href="https://substackcdn.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ffc3f3f9b-b0d4-435c-a375-a4a6ff33096a_339x131.png" target="_blank"><div class="image2-inset"><source type="image/webp" /><img alt="&lt;a href=&quot;https://themarketear.com/posts/c7JeUvR-BU&quot; rel=&quot;noopener noreferrer&quot; target=&quot;_blank&quot;&gt;Did he jinx it?&lt;/a&gt;" class="sizing-normal" height="131" src="https://substackcdn.com/image/fetch/w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ffc3f3f9b-b0d4-435c-a375-a4a6ff33096a_339x131.png" title="&lt;a href=&quot;https://themarketear.com/posts/c7JeUvR-BU&quot; rel=&quot;noopener noreferrer&quot; target=&quot;_blank&quot;&gt;Did he jinx it?&lt;/a&gt;" width="339" /><div></div></div></a><figcaption class="image-caption">Source: X</figcaption></figure></div><h3><strong><a href="https://themarketear.com/posts/cpU4-R2kL-">No Bros in Ibiza</a></strong></h3><p>Bitcoin is down to the massive 60k level. The big long term trend comes in here. We are well below the 100 day, now negatively sloping, but still above the 200 day that comes in around 58k.</p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" href="https://substackcdn.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F5980fa5d-3641-4f31-a23f-4760db5ff37a_1297x887.png" target="_blank"><div class="image2-inset"><source type="image/webp" /><img alt="&lt;a href=&quot;https://themarketear.com/posts/cpU4-R2kL-&quot; rel=&quot;noopener noreferrer&quot; target=&quot;_blank&quot;&gt;No Bros in Ibiza&lt;/a&gt;" class="sizing-normal" height="887" src="https://substackcdn.com/image/fetch/w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F5980fa5d-3641-4f31-a23f-4760db5ff37a_1297x887.png" title="&lt;a href=&quot;https://themarketear.com/posts/cpU4-R2kL-&quot; rel=&quot;noopener noreferrer&quot; target=&quot;_blank&quot;&gt;No Bros in Ibiza&lt;/a&gt;" width="1297" /><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><div class="pencraft pc-reset icon-container restack-image"><svg class="lucide lucide-refresh-cw" fill="none" height="20" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="2" viewBox="0 0 24 24" width="20" xmlns="http://www.w3.org/2000/svg"><path d="M3 12a9 9 0 0 1 9-9 9.75 9.75 0 0 1 6.74 2.74L21 8"></path><path d="M21 3v5h-5"></path><path d="M21 12a9 9 0 0 1-9 9 9.75 9.75 0 0 1-6.74-2.74L3 16"></path><path d="M8 16H3v5"></path></svg></div><div class="pencraft pc-reset icon-container view-image"><svg class="lucide lucide-maximize2" fill="none" height="20" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="2" viewBox="0 0 24 24" width="20" xmlns="http://www.w3.org/2000/svg"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></div></div></div></div></a><figcaption class="image-caption">Source: Refinitiv</figcaption></figure></div><h3><strong><a href="https://themarketear.com/posts/cGRhrhBDUu">The VWAP bid</a></strong></h3><p>The big buyback VWAP bid is taking a pause. GS projects around 80% of the SPX is in the blackout window, growing to 90% by the end of the week.</p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" href="https://substackcdn.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe994b0d0-c19a-407d-83f1-4060a8711c55_895x356.png" target="_blank"><div class="image2-inset"><source type="image/webp" /><img alt="&lt;a href=&quot;https://themarketear.com/posts/cGRhrhBDUu&quot; rel=&quot;noopener noreferrer&quot; target=&quot;_blank&quot;&gt;The VWAP bid&lt;/a&gt;" class="sizing-normal" height="356" src="https://substackcdn.com/image/fetch/w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe994b0d0-c19a-407d-83f1-4060a8711c55_895x356.png" title="&lt;a href=&quot;https://themarketear.com/posts/cGRhrhBDUu&quot; rel=&quot;noopener noreferrer&quot; target=&quot;_blank&quot;&gt;The VWAP bid&lt;/a&gt;" width="895" /><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><div class="pencraft pc-reset icon-container restack-image"><svg class="lucide lucide-refresh-cw" fill="none" height="20" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="2" viewBox="0 0 24 24" width="20" xmlns="http://www.w3.org/2000/svg"><path d="M3 12a9 9 0 0 1 9-9 9.75 9.75 0 0 1 6.74 2.74L21 8"></path><path d="M21 3v5h-5"></path><path d="M21 12a9 9 0 0 1-9 9 9.75 9.75 0 0 1-6.74-2.74L3 16"></path><path d="M8 16H3v5"></path></svg></div><div class="pencraft pc-reset icon-container view-image"><svg class="lucide lucide-maximize2" fill="none" height="20" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="2" viewBox="0 0 24 24" width="20" xmlns="http://www.w3.org/2000/svg"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></div></div></div></div></a><figcaption class="image-caption">Source: GS</figcaption></figure></div>