SNDK is sitting just below the 24-hour high of 1779, up 4.5% on the day. But the leverage that pushed it up is being pulled out at the top — futures open interest rose 24% over the full day, then actually shrank 1% over the past 7 hours. The momentum for the breakout has already run out.
The aggressive flow says it even more plainly: 53% of trades hit the sell side, the long-short ratio was pushed down to 0.87, and the funding rate is flat at 0.003% — longs paid no premium at all for this rally. There’s no crowded positioning at the top, and no squeeze fuel to light the fuse. Price itself has also slipped back below two 15-minute moving averages, and the four-hour trend has flattened out.
Spot is not weak, and the order book shows bid depth at 4.2x. Spot has risen even harder than futures over the past 24 hours. But the buy wall can support price, not break it to new highs — absorption and offense are not the same thing.
At this level, I’m short. I’m betting this exhausted momentum leaks a bit further lower, not that it collapses. If one day price takes out 1781 on volume, open interest expands again, and aggressive flow flips back to buys, I’ll admit I was wrong and flip long. #sandisk $SNDK
The aggressive flow says it even more plainly: 53% of trades hit the sell side, the long-short ratio was pushed down to 0.87, and the funding rate is flat at 0.003% — longs paid no premium at all for this rally. There’s no crowded positioning at the top, and no squeeze fuel to light the fuse. Price itself has also slipped back below two 15-minute moving averages, and the four-hour trend has flattened out.
Spot is not weak, and the order book shows bid depth at 4.2x. Spot has risen even harder than futures over the past 24 hours. But the buy wall can support price, not break it to new highs — absorption and offense are not the same thing.
At this level, I’m short. I’m betting this exhausted momentum leaks a bit further lower, not that it collapses. If one day price takes out 1781 on volume, open interest expands again, and aggressive flow flips back to buys, I’ll admit I was wrong and flip long. #sandisk $SNDK
