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Going to see what does tomorrow. Have it side by side with my usual VIX chart (right & purple vs ES). Seems like it's quite inversely correlated to the ES and responsive. We'll see if it leads and how...
I wasn't paying much attention to it today, but looking at it after the session I see that after the huge AM 70 Pts selloff, when the ES turned back up at 11:30 (showing 8:30 PST on my chart), the VIX1D went up with it all the way (and preceded it on the move up -- ES is blue on the chart).
It does start calculating based on the following day's SPX options data during the course of the day. Could that mean traders are positioned for a move down with the FOMC interest rate decision tomorrow?
Added later: Spotgamma after the close: "One concerning metric here is that the MOC closed at -2.2B sell-side. Generally, any MOC print above a billion is noteworthy. "