April OPEX (Options Expiration) Live with Brent Kochuba | SpotGamma

The S&P 500 is currently overbought following a historic bull run, with options positioning heavily skewed toward calls and volatility crushed to near-record lows. This extreme sentiment, combined with the expiration of VIX and monthly options, suggests a likely short-term correction of 1% to 2% before the broader bull trend resumes. Market maker positioning reveals a significant anchor at the 7,000 strike, where large call spreads are currently concentrated. While long-dated flow remains bullish, the current lack of demand for puts and the exhaustion of volatility premiums indicate that the market requires consolidation. Investors should look for tactical opportunities to buy dips rather than anticipating a major drawdown, as the underlying market structure remains supported by positive delta and strong institutional call buying in major tech names.