With the official inclusion of the S&P 100 having taken effect, the anticipated passive-buy frenzy in the market has instead shown a hint of calm. Passive allocation logic that tracks the index often carries a certain psychological inertia, but when you break down the capital structure, you find that $SNDK was already a core holding within the S&P 500. As for the truly new S&P 100-specific incremental demand, based on the approximate size of roughly $20 billion for leading tracking funds and a weight of around 0.5%, the actual net purchases it unlocks are only around $100 million.
Against daily trading volumes that often exceed $15 billion, this passive liquidity inflow looks more like routine participation, making it difficult for it alone to sustain the momentum needed to force a one-sided short squeeze.
The focus of capital games quickly shifts to more granular spot-liquidity absorption. Most of last quarter’s revenue growth depended on product price adjustments; shipment volume growth lagged. Now that the next-quarter guidance points to a slowdown in growth to around 18%, the willingness of profit-taking holders at high levels to cash out is quietly increasing.
The order book has been repeatedly tugging around the 20-day moving average in the 1600 to 1650 range. Heavy supply and selling pressure has piled up around 1800 to 1820. To reopen the space toward 1900 again, the slow, steady inflow from passive index funds alone is clearly not enough. If support from the lower moving averages loosens, the capital’s defensive line may shift further to seek a new equilibrium near the 50-day moving average around 1500.
Against daily trading volumes that often exceed $15 billion, this passive liquidity inflow looks more like routine participation, making it difficult for it alone to sustain the momentum needed to force a one-sided short squeeze.
The focus of capital games quickly shifts to more granular spot-liquidity absorption. Most of last quarter’s revenue growth depended on product price adjustments; shipment volume growth lagged. Now that the next-quarter guidance points to a slowdown in growth to around 18%, the willingness of profit-taking holders at high levels to cash out is quietly increasing.
The order book has been repeatedly tugging around the 20-day moving average in the 1600 to 1650 range. Heavy supply and selling pressure has piled up around 1800 to 1820. To reopen the space toward 1900 again, the slow, steady inflow from passive index funds alone is clearly not enough. If support from the lower moving averages loosens, the capital’s defensive line may shift further to seek a new equilibrium near the 50-day moving average around 1500.