Dealer Exposure · SPX POSITIVE GEX
SPOT7,473 FLIP7,357 NET GEX+46.5B

Long gamma at spot 7,473. Flip 7,357. Net GEX +46.5B.

Dealer Exposure · SPX chart
Options →

VOL

VIX NEUTRAL
VIX16.7 Z-0.4 COMPOSITENEUTRAL

VIX 16.7. Composite NEUTRAL (Z -0.1).

VIX chart
Volatility →
Dispersion RISK OFF
|VXN−VXD|7.39 Z+1.2 SIGNALRisk Off

Index vol gap 7.39. Z +1.2 — risk off dispersion vs history.

Dispersion chart
Volatility →
Term Structure CONTANGO
VIX16.7 CURVECONTANGO SIGNALNORMAL

VIX 16.7, VX futures curve in contango.

Term Structure chart
Volatility →

MACRO

Macro Compass Q2 REFLATION
QUADQ2 GROWTH+0.4% INFLATION+0.4%

Quad 2 — REFLATION. Growth +0.4%, inflation +0.4%.

Macro Compass chart
Equities →
Weighted S&P Advance/Decline Compression
CAP-WT+0.10% EQ-WT+0.13% SECTORS11 ETFs

Cap-weighted breadth +0.10% from open. Equal-weight +0.13%. Compression.

Weighted S&P Advance/Decline chart
Equities →

CREDIT

Credit Stress NORMAL
HYG/LQD0.74 Z-SCORE-0.8σ SIGNALNEUTRAL

Credit spreads today (2026-05-22): the HYG/LQD ratio is 0.7374, with duration-residual z-scores of -0.81σ over 1 year and +0.94σ over 3 years. Spread regime NORMAL (day 5) maps to a NEUTRAL credit read.

Credit Stress chart
Credit →
Yield Curve BEAR FLATTENER
2Y4.08% 10Y4.57% 10Y–2Y+0.49%

Short-end yields are rising faster than the long end, narrowing the spread while rates rise overall.

Yield Curve chart
Credit →