STX's 15 minutes were pretty brutal: price was dumped 2%, volume surged to 5.75x normal, and the Z-score hit 2.96.
But what really caught my eye wasn't the drop, it was the OI—15-minute contract open interest fell 3.77%, with notional down $648K, a classic long unwind. Longs were being forced out, via stops or active reduction.
On the 1-hour horizon, OI was still +3.93%, which suggests that over a longer window positions are still flowing in. This move looks more like a short-cycle leverage flush.
The anomaly percentile was 99.8%, ranked #2 across the whole pool, with notional change ranked #10. It has continued across multiple periods, and both trading volume and OI are clearly above normal. Aggressive trading imbalance was -5%, and the buy/sell ratio was 0.90, so selling pressure was dominant.
I usually wouldn't rush to buy into this structure. In a de-leveraging phase for longs, price down plus OI down doesn't mean new shorts are hammering it—it means longs are stepping on each other. I'll wait until OI stabilizes before taking another look.
But what really caught my eye wasn't the drop, it was the OI—15-minute contract open interest fell 3.77%, with notional down $648K, a classic long unwind. Longs were being forced out, via stops or active reduction.
On the 1-hour horizon, OI was still +3.93%, which suggests that over a longer window positions are still flowing in. This move looks more like a short-cycle leverage flush.
The anomaly percentile was 99.8%, ranked #2 across the whole pool, with notional change ranked #10. It has continued across multiple periods, and both trading volume and OI are clearly above normal. Aggressive trading imbalance was -5%, and the buy/sell ratio was 0.90, so selling pressure was dominant.
I usually wouldn't rush to buy into this structure. In a de-leveraging phase for longs, price down plus OI down doesn't mean new shorts are hammering it—it means longs are stepping on each other. I'll wait until OI stabilizes before taking another look.