MAVERICK 5.8 — TECHNOLOGY SECTOR 6-DAY ROLLING ANALYSIS (EXPANDED)

103 Tickers Scanned — 45+ Highlighted — 03/11 → 03/12 → 03/13 → 03/18 → 03/19 → 03/20 (Quad Witching OpEx)
SPY: $676.33 → $666.04 → $662.29 → $661.43 → $659.80 → $648.57 (-1.43%) | -$27.76 across window
Record quad witching OpEx. $374.4B total DP volume across all sectors. 87/103 tech names bearish on DP Layer 1. XLK EM range -30 (DOMINANT DOWNTREND). QQQ -33 (REVERSED). VIX range 68 (DOMINANT). This is the most comprehensive sector-level distribution event in the 6-day dataset.
DATA STATUS
All 6 days use full-session EOD data. Days 1-5 (03/11-03/19): carried from prior 5-day artifact. Day 6 (03/20): live_options_flow_0320.csv (94 tech tickers with flow) + darkpool_summary_0320.csv (95 tickers) + technology_2026-03-21_wl1.md (103 tickers). Rolling Tracker v7 (03/20 post-OpEx). Options: full Section 4.6 side decomposition with Confidence Gate. Darkpool: Layer 1 (volume + price) primary, Layer 2 conditional on tape speed.
REGIME DASHBOARD
REGIME STATUS — 03/20/26
FED REGIME: NEUTRAL — gate open. Balance sheet ~$6.58T. Rate hikes DISCUSSED at March FOMC. Zero cuts priced 2026.

RATE REGIME: SAFE HAVEN DOLLAR — 10Y↑ (TNX range 98.3, #2 strongest trend) + DXY↑ (range 50, MODERATE).

ISM REGIME: 52.4 → EXPANSION (CONFIRMED). Character: INFLATIONARY (Prices Paid 70.5). New Orders + Production falling = stagflation fingerprint.

CREDIT: HYG range 5 — TREND DEATH. Collapsed 52→5 in one session. $78.93 = dealer cascade zone.

200DMA: SPX 6,506 vs ~6,760. Below 5+ sessions = +2 bearish convergence. CTA positioning -30/-40. Gap WIDENING (3.75%).

EARNINGS REACTION: BEARISH — 6 consecutive mega-cap beat-and-sells. +1 bearish convergence.

EM RANGE: XLK -30 (DOMINANT DOWNTREND). QQQ -33 (REVERSED). VIX 68 (DOMINANT). TNX 98.3 (ACCELERATING).

CONVERGENCE INPUTS (BEARISH): Fed NEUTRAL (gate open) + 200DMA below 5+ sessions (+2) + Earnings Regime BEARISH (+1) + HYG TREND DEATH (+1) + XLK/QQQ EM range reversed (+1) = 5+ bearish convergence inputs. FULL CONVICTION BEARISH for tech indexes.
6-DAY EVOLUTION DASHBOARD
03/1103/1203/1303/1803/1903/20 (OpEx)Arc
SPY$676.33$666.04$662.29$661.43$659.80$648.57 (-1.43%)-$27.76 across 6 sessions. 6th consecutive red. Pace ACCELERATED on OpEx.
Tech Opts
(side-adj)		-$272M-$2.82B-$894M-$669M-$4.22B-$119M6 CONSECUTIVE BEARISH. Cumulative ~-$9B+. 03/19 peak, 03/20 moderated.
Tech DP
(WL1 L1)		54/355/8852/4020/6752/368/87WORST DP DAY. 87 bearish vs 8 bullish. Quad witching = universal distribution.
Top DP
volumes		VRT $19.4B
AAPL $12.3B
QCOM $6.9B		RECORD volumes. VRT 13,247% daily change. OpEx mechanical flow dominated.
MARCH 20 OPEX RESOLUTION
SCENARIO B CONFIRMED — MARKET ACCELERATED DOWN
SPY -1.43% (steepest drop of the 6-day window). The ~$2B+ in March 20 put positioning that provided a dealer hedging floor expired INTO the decline. $25.8B in total put delta evaporated on quad witching. Dealers who had been buying dips stopped buying. The mechanical floor vanished intraday.

Key OpEx casualties: INTC -5.00% (fortress broke), CRWD -4.48% (grace period exhausted), MU -4.81% (ladder collapse to $42M net), SMCI -33.32% (extreme), COHR -7.96%, LITE -8.52%, SNDK -8.08%, WDC -7.52%, ALAB -8.02%, CIEN -6.95%, FLEX -6.31%, STX -5.38%, VRT -4.94%, AAOI -14.11%.
⚠ UNUSUAL ACTIVITY SCANNER — 03/20
METHODOLOGY
Scans all 95 tech tickers across 9 anomaly dimensions: extreme DP volume spikes (>2000% daily change), extreme price moves (>7%), flow-price divergences (DP net buy + price down >3%), options-DP channel divergences, extreme GEX (>|20|), ladder contrasts, counter-trend accumulation on OpEx, extreme adj C/P ratios, one-sided DP flow (100% at-bid/ask). Each alert includes full decomposition: DP Layer 1 verdict, options side assessment, GEX, ladder status, and interpretation per Maverick 5.8 protocol.
COHR ⚠⚠⚠ 3 FLAGS
$253.63 (-7.96%) | DP: $4.27B (+$1.50B net)
DP volume spike +4753% daily change Extreme price move -7.96% FLOW-PRICE DIVERGENCE: +1500M DP net BUY but price -7.96%
DP Layer 1: DISTRIBUTION (tape: FAST) | Vol: $4.27B | Net: +$1.50B At-Ask: $2.88B (67%) | At-Bid: $1.39B (33%) Options: $20M total | Side-adj net: +$4M | Dir: BULLISH | Conf: LOW Calls Bought: $2M | Sold: $215K | Puts Bought: $1M | Sold: $3M Adj C/P: 1.62 | Whales: 26 ($5M bull / $1M bear) GEX: -16.3 | Ladder: None detected
Multiple anomaly flags warrant monitoring. Cross-reference with post-OpEx Monday session for confirmation.
SNDK ⚠⚠⚠ 3 FLAGS
$709.71 (-8.08%) | DP: $493M (-$493M net)
Extreme price move -8.08% Extreme GEX: -23.4 (amplifies moves) 100% AT-BID darkpool flow — pure sell-side
DP Layer 1: DISTRIBUTION (tape: FAST) | Vol: $493M | Net: -$493M At-Ask: $0K (0%) | At-Bid: $493M (100%) Options: $81M total | Side-adj net: -$3M | Dir: NEUTRAL | Conf: LOW Calls Bought: $13M | Sold: $17M | Puts Bought: $11M | Sold: $12M Adj C/P: 1.12 | Whales: 97 ($23M bull / $25M bear) GEX: -23.4 | Ladder: None detected
ONE-SIDED DISTRIBUTION — 100% of $493M printed at-bid. On a FAST tape this may be spread compression artifact, but the unanimity is notable. No buy-side interest detected.
VRT ⚠⚠ 2 FLAGS
$255.88 (-4.94%) | DP: $19.41B (-$3.56B net)
DP volume spike +13247% daily change Extreme GEX: -35.2 (amplifies moves)
DP Layer 1: DISTRIBUTION (tape: FAST) | Vol: $19.41B | Net: -$3.56B At-Ask: $7.93B (41%) | At-Bid: $11.49B (59%) Options: $21M total | Side-adj net: +$2M | Dir: BULLISH | Conf: LOW Calls Bought: $3M | Sold: $1M | Puts Bought: $2M | Sold: $779K Adj C/P: 2.03 | Whales: 22 ($3M bull / $1M bear) GEX: -35.2 | Ladder: DIST(MOD) 3/12
EXTREME GAMMA — GEX -35.2 means dealers AMPLIFIES downside. With negative GEX this large, any selling triggers dealer selling, creating a reflexive feedback loop. Moves will overshoot.
ORCL ⚠⚠ 2 FLAGS
$149.68 (-3.76%) | DP: $3.12B (+$2.14B net)
FLOW-PRICE DIVERGENCE: +2140M DP net BUY but price -3.76% LADDER CONTRAST: ACCU(STR) 13/15 ladder but -3.76% day — fortress under siege
DP Layer 1: DISTRIBUTION (tape: FAST) | Vol: $3.12B | Net: +$2.14B At-Ask: $2.63B (84%) | At-Bid: $492M (16%) Options: $44M total | Side-adj net: -$236K | Dir: NEUTRAL | Conf: LOW Calls Bought: $7M | Sold: $8M | Puts Bought: $5M | Sold: $6M Adj C/P: 1.34 | Whales: 84 ($9M bull / $9M bear) GEX: -9.6 | Ladder: ACCU(STR) 13/15
FORTRESS UNDER SIEGE — Strong accumulation ladder (ACCU(STR) 13/15) contradicted by -3.76% day. Per Lesson 2: no accumulation signal survives quad witching mechanical selling. The Monday session determines if this is OpEx noise or a genuine ladder break.
LITE ⚠⚠ 2 FLAGS
$706.35 (-8.52%) | DP: $3.02B (-$2.66B net)
Extreme price move -8.52% Extreme GEX: -40.2 (amplifies moves)
DP Layer 1: DISTRIBUTION (tape: FAST) | Vol: $3.02B | Net: -$2.66B At-Ask: $180M (6%) | At-Bid: $2.84B (94%) Options: $75M total | Side-adj net: -$3M | Dir: NEUTRAL | Conf: LOW Calls Bought: $14M | Sold: $15M | Puts Bought: $9M | Sold: $7M Adj C/P: 1.56 | Whales: 61 ($20M bull / $23M bear) GEX: -40.2 | Ladder: None detected
EXTREME GAMMA — GEX -40.2 means dealers AMPLIFIES downside. With negative GEX this large, any selling triggers dealer selling, creating a reflexive feedback loop. Moves will overshoot.
INTC ⚠⚠ 2 FLAGS
$43.87 (-5.00%) | DP: $1.04B (-$978M net)
OPTIONS-DP DIVERGENCE: options +$14M bullish but DP -$978M sell LADDER CONTRAST: ACCU(STR) 12/15 ladder but -5.00% day — fortress under siege
DP Layer 1: DISTRIBUTION (tape: FAST) | Vol: $1.04B | Net: -$978M At-Ask: $29M (3%) | At-Bid: $1.01B (97%) Options: $58M total | Side-adj net: +$14M | Dir: BULLISH | Conf: MOD Calls Bought: $12M | Sold: $9M | Puts Bought: $7M | Sold: $18M Adj C/P: 1.65 | Whales: 113 ($22M bull / $10M bear) GEX: -1.6 | Ladder: ACCU(STR) 12/15
CHANNEL DIVERGENCE — Options say +$14M bullish (side-adjusted) but DP shows -$978M selling. Per Section 1.3 hierarchy, DP (Rank 3/5) outranks options (Rank 4/7). Resolution: the options bullish signal is likely hedging against the DP distribution. DO NOT treat the options signal as independent confirmation.
VICR ⚠⚠ 2 FLAGS
$0.00 (+0.00%) | DP: $514M (+$514M net)
DP volume spike +6403% daily change 100% AT-ASK darkpool flow — pure buy-side
DP Layer 1: — (tape: —) | Vol: $514M | Net: +$514M At-Ask: $514M (100%) | At-Bid: $0K (0%) Options: No flow detected in CSV GEX: 0.0 | Ladder: None detected
ONE-SIDED ACCUMULATION — 100% of $514M printed at-ask. Counter-trend buying into the OpEx selloff. If this persists post-OpEx, it signals institutional entry.
ALAB ⚠⚠ 2 FLAGS
$116.04 (-8.02%) | DP: $493M (-$493M net)
Extreme price move -8.02% 100% AT-BID darkpool flow — pure sell-side
DP Layer 1: DISTRIBUTION (tape: FAST) | Vol: $493M | Net: -$493M At-Ask: $0K (0%) | At-Bid: $493M (100%) Options: $6M total | Side-adj net: -$1M | Dir: BEARISH | Conf: LOW Calls Bought: $758K | Sold: $2M | Puts Bought: $1M | Sold: $914K Adj C/P: 0.65 | Whales: 20 ($1M bull / $2M bear) GEX: 0.3 | Ladder: None detected
ONE-SIDED DISTRIBUTION — 100% of $493M printed at-bid. On a FAST tape this may be spread compression artifact, but the unanimity is notable. No buy-side interest detected.
SMCI ⚠⚠ 2 FLAGS
$20.53 (-33.32%) | DP: $232M (+$105M net)
Extreme price move -33.32% FLOW-PRICE DIVERGENCE: +105M DP net BUY but price -33.32%
DP Layer 1: DISTRIBUTION (tape: FAST) | Vol: $232M | Net: +$105M At-Ask: $164M (71%) | At-Bid: $60M (26%) Options: $100M total | Side-adj net: -$5M | Dir: NEUTRAL | Conf: MOD Calls Bought: $8M | Sold: $14M | Puts Bought: $29M | Sold: $30M Adj C/P: 0.28 | Whales: 200 ($27M bull / $26M bear) GEX: 2.7 | Ladder: None detected
Multiple anomaly flags warrant monitoring. Cross-reference with post-OpEx Monday session for confirmation.
NTAP ⚠⚠ 2 FLAGS
$0.00 (+0.00%) | DP: $226M (+$226M net)
DP volume spike +4146% daily change 100% AT-ASK darkpool flow — pure buy-side
DP Layer 1: — (tape: —) | Vol: $226M | Net: +$226M At-Ask: $226M (100%) | At-Bid: $0K (0%) Options: No flow detected in CSV GEX: 0.0 | Ladder: None detected
ONE-SIDED ACCUMULATION — 100% of $226M printed at-ask. Counter-trend buying into the OpEx selloff. If this persists post-OpEx, it signals institutional entry.
JBL ⚠⚠ 2 FLAGS
$253.63 (-4.40%) | DP: $217M (-$217M net)
DP volume spike +2556% daily change 100% AT-BID darkpool flow — pure sell-side
DP Layer 1: DISTRIBUTION (tape: FAST) | Vol: $217M | Net: -$217M At-Ask: $0K (0%) | At-Bid: $217M (100%) Options: $1M total | Side-adj net: -$340K | Dir: BEARISH | Conf: MOD Calls Bought: $295K | Sold: $537K | Puts Bought: $134K | Sold: $37K Adj C/P: 2.20 | Whales: 5 ($295K bull / $671K bear) GEX: -3.5 | Ladder: None detected
ONE-SIDED DISTRIBUTION — 100% of $217M printed at-bid. On a FAST tape this may be spread compression artifact, but the unanimity is notable. No buy-side interest detected.
ARM ⚠⚠ 2 FLAGS
$132.35 (+1.95%) | DP: $133M (-$133M net)
COUNTER-TREND: Green on a -1.43% SPY day (+1.95%) 100% AT-BID darkpool flow — pure sell-side
DP Layer 1: ACCUMULATION (tape: FAST) | Vol: $133M | Net: -$133M At-Ask: $0K (0%) | At-Bid: $133M (100%) Options: $12M total | Side-adj net: +$444K | Dir: NEUTRAL | Conf: MOD Calls Bought: $5M | Sold: $4M | Puts Bought: $1M | Sold: $596K Adj C/P: 4.10 | Whales: 32 ($3M bull / $3M bear) GEX: -1.9 | Ladder: DIST(MOD) 3/14
ONE-SIDED DISTRIBUTION — 100% of $133M printed at-bid. On a FAST tape this may be spread compression artifact, but the unanimity is notable. No buy-side interest detected.
WDAY ⚠⚠ 2 FLAGS
$135.96 (+1.93%) | DP: $108M (+$104M net)
COUNTER-TREND: Green on a -1.43% SPY day (+1.93%) 100% AT-ASK darkpool flow — pure buy-side
DP Layer 1: ACCUMULATION (tape: FAST) | Vol: $108M | Net: +$104M At-Ask: $104M (96%) | At-Bid: $0K (0%) Options: $2M total | Side-adj net: +$173K | Dir: BULLISH | Conf: HIGH Calls Bought: $184K | Sold: $930K | Puts Bought: $157K | Sold: $1M Adj C/P: 1.17 | Whales: 7 ($975K bull / $916K bear) GEX: -3.9 | Ladder: DIST(MOD) 4/12
ONE-SIDED ACCUMULATION — 100% of $108M printed at-ask. Counter-trend buying into the OpEx selloff. If this persists post-OpEx, it signals institutional entry.
AAOI ⚠⚠ 2 FLAGS
$87.54 (-14.11%) | DP: $64M (-$38M net)
Extreme price move -14.11% Extreme GEX: -66.3 (amplifies moves)
DP Layer 1: DISTRIBUTION (tape: FAST) | Vol: $64M | Net: -$38M At-Ask: $13M (20%) | At-Bid: $51M (80%) Options: $10M total | Side-adj net: +$970K | Dir: BULLISH | Conf: MOD Calls Bought: $5M | Sold: $3M | Puts Bought: $782K | Sold: $193K Adj C/P: 5.97 | Whales: 33 ($4M bull / $3M bear) GEX: -66.3 | Ladder: None detected
EXTREME GAMMA — GEX -66.3 means dealers AMPLIFIES downside. With negative GEX this large, any selling triggers dealer selling, creating a reflexive feedback loop. Moves will overshoot.
AAPL ⚠ 1 FLAG
$247.99 (-0.39%) | DP: $12.26B (-$6.13B net)
OPTIONS-DP DIVERGENCE: options +$5M bullish but DP -$6.13B sell
DP Layer 1: DISTRIBUTION (tape: SLOW) | Vol: $12.26B | Net: -$6.13B At-Ask: $3.00B (24%) | At-Bid: $9.13B (74%) Options: $171M total | Side-adj net: +$5M | Dir: NEUTRAL | Conf: LOW Calls Bought: $33M | Sold: $26M | Puts Bought: $12M | Sold: $11M Adj C/P: 2.82 | Whales: 194 ($34M bull / $30M bear) GEX: 0.4 | Ladder: None detected
MECHANICAL REBALANCING — extreme volume on modest price move indicates OpEx/index rebalancing, not new conviction. Wait for post-OpEx normalization.
QCOM ⚠ 1 FLAG
$129.90 (-1.05%) | DP: $6.89B (-$6.80B net)
DP volume spike +7889% daily change
DP Layer 1: DISTRIBUTION (tape: FAST) | Vol: $6.89B | Net: -$6.80B At-Ask: $40M (1%) | At-Bid: $6.84B (99%) Options: $2M total | Side-adj net: -$69K | Dir: NEUTRAL | Conf: MOD Calls Bought: $392K | Sold: $377K | Puts Bought: $426K | Sold: $341K Adj C/P: 0.92 | Whales: 5 ($266K bull / $234K bear) GEX: -2.6 | Ladder: ACCU(EME) 8/15
MECHANICAL REBALANCING — extreme volume on modest price move indicates OpEx/index rebalancing, not new conviction. Wait for post-OpEx normalization.
NVDA ⚠ 1 FLAG
$172.70 (-3.28%) | DP: $5.00B (-$3.51B net)
OPTIONS-DP DIVERGENCE: options +$28M bullish but DP -$3.51B sell
DP Layer 1: DISTRIBUTION (tape: FAST) | Vol: $5.00B | Net: -$3.51B At-Ask: $745M (15%) | At-Bid: $4.26B (85%) Options: $598M total | Side-adj net: +$28M | Dir: NEUTRAL | Conf: MOD Calls Bought: $147M | Sold: $154M | Puts Bought: $59M | Sold: $95M Adj C/P: 2.49 | Whales: 1009 ($212M bull / $178M bear) GEX: -1.4 | Ladder: ACCU(MOD) 11/15
CHANNEL DIVERGENCE — Options say +$28M bullish (side-adjusted) but DP shows -$3.51B selling. Per Section 1.3 hierarchy, DP (Rank 3/5) outranks options (Rank 4/7). Resolution: the options bullish signal is likely hedging against the DP distribution. DO NOT treat the options signal as independent confirmation.
ACN ⚠ 1 FLAG
$199.99 (-1.75%) | DP: $4.59B (-$4.40B net)
DP volume spike +2669% daily change
DP Layer 1: DISTRIBUTION (tape: FAST) | Vol: $4.59B | Net: -$4.40B At-Ask: $93M (2%) | At-Bid: $4.50B (98%) Options: $722K total | Side-adj net: -$272K | Dir: BEARISH | Conf: HIGH Calls Bought: $190K | Sold: $421K | Puts Bought: $42K | Sold: $0K Adj C/P: 4.58 | Whales: 3 ($136K bull / $371K bear) GEX: -3.1 | Ladder: None detected
Multiple anomaly flags warrant monitoring. Cross-reference with post-OpEx Monday session for confirmation.
6-DAY OPTIONS SIDE-ADJUSTED ARC — KEY NAMES
METHODOLOGY
Days 1-5 carried from prior artifact. Day 6 from live_options_flow_0320.csv side decomposition. H=HIGH, M=MOD, L=LOW confidence. LOW excluded from convergence.
Ticker03/1103/1203/1303/1803/1903/206-Day Note
MSFT-$281M-$1.20B-$339MNEUT-$726M (H)-$121M (M)STRONGEST bearish. 5/6 days. Adj C/P 0.09. Structural.
PLTR-$39M-$317M-$162M-$121M-$326M (H)-$67M (M)6 CONSECUTIVE BEARISH. $80M structural 31-180d.
METANEUT-$42M-$62M-$249M-$1.03B (H)-$15M (L)~-$1.4B cumulative. 03/19 detonation. LOW conf 03/20.
NVDALOWLOWLOW+$42M (M)-$166M (M)NEUT (M)Contested. $192M LEAPS. DP overwhelms opts.
AMDNEUT-$5M+$11M-$57M-$157M (M)-$16M (M)4/6 bearish. DIST ladder. Semi pressure.
MU+$19M-$13MNEUTNEUT-$68M (L)NEUT (M)Ladder collapsed 98.5%. Beat-and-sell confirmed.
CRWD+$3MNEUT+$2MNEUT-$46M (H)—Grace period exhausted. No 03/20 flow.
PANW—————-$6M (H)HIGH conf bearish. Adj C/P 0.28. Cybersecurity pressure.
ASML—————-$4M (H)HIGH conf bearish. Semi equipment sell-off.
WDC—————-$5M (H)HIGH conf bearish. Storage capitulation.
SNOW—————NEUT (M)DIST(EME) ladder. -4.21%. No support.
TSMLOW-$56MLOWLOW-$109M (H)+$83M (H)FLIPPED BULLISH. Strongest HIGH conf signal.
ADBE+$1MNEUT-$27M-$46M-$242M (H)+$13M (H)FLIPPED BULLISH. Only green DP name on OpEx.
LRCX—————+$11M (M)MOD conf bullish. Adj C/P 16.9 extreme calls.
INTC+$6M+$14MNEUTNEUT+$13M (M)+$14M (M)Only name 4+ bullish days. Fortress cracked on price.
CRM—————+$3M (M)SaaS relative strength. ACCU ladder $2.31B.
CRWV—————NEUT (M)ACCU(STR) 12/15 ladder. +1.00% counter-trend.
DDOG—————+$3M (H)HIGH conf bullish. DP $326M sell. Divergence.
ON—————NEUT (M)LEAN_BULLISH. ACCU(MOD) $295M. Analog bright spot.
WDAY—————NEUT (H)HIGH conf bullish. +1.93% green. DIST ladder contradicts.
TTD—————NEUT (M)+2.55% strongest green. DP accumulation.
ARM—————NEUT (M)MOD conf neutral. +1.95% counter-trend green.
ORCLNEUT-$332M-$120M-$75M-$665M (H)NEUT (L)Puts EXPIRED. Post-OpEx clean slate.
AVGOLOW-$51M-$13M (L)+$16M (H)-$161M (H)+$8M (L)Oscillating. LOW conf 03/20. DP-opts unresolved.
SMCI—————NEUT (M)-33.32%. Two-way flow. Extreme.
NFLXLOWLOWLOW-$3M-$53M (M)NEUT (L)ACCU ladder holds. Opts oscillating.
AMZN—————-$12M (L)LOW conf (35% unk). ACCU ladder $1.93B intact.
AAPL—————+$5M (L)LOW conf (52% unk). RECORD $12.3B DP. Ambiguous.
GOOGL—————-$5M (M)MOD conf marginal bearish. Massive $7.16B ladder intact.
GOOG—————-$9M (L)LOW conf (59% unk). ACCU ladder $2.64B intact.
ANET—————NEUT (M)MOD conf marginal. DP $780M +$670M ACCUMULATION.
COHR—————+$4M (L)LOW conf. DP $4.27B +$1.5B net. Volume extreme.
VRT—————+$2M (L)LOW conf. RECORD $19.4B DP. DIST(MOD) ladder.
QCOM—————NEUT (M)MOD conf neutral. $6.9B DP. Massive volume.
CRDO—————-$3M (H)HIGH conf bearish. Custom silicon de-rating.
AMAT—————-$2M (M)MOD conf bearish. SLOW tape = labels valid. Semi equip.
NOW—————+$6M (L)LOW conf bullish. ACCU(EME) ladder forming.
SUBSECTOR HEATMAP — 03/20 DISTRIBUTION MAP
MAG7 / Mega-Cap — AVG -1.84% | 0 GREEN / 7 RED
TickerPriceChgDP VolDP NetOpts DirConfGEXLadder
NVDA$172.70-3.28% $5.00B-$3.51B NEUTRALMOD-1.4ACCU(MOD) 11/15
GOOG$298.79-2.27% $1.86B-$150M BEARISHLOW2.1ACCU(MOD) 10/15
GOOGL$301.00-2.00% $1.19B-$19M BEARISHMOD-1.6ACCU(MOD) 11/15
MSFT$381.87-1.84% $3.38B-$1.64B BEARISHMOD-2.1ACCU(MOD) 10/15
AMZN$205.37-1.62% $2.33B-$415M BEARISHLOW0.9ACCU(MOD) 10/15
META$595.00-1.50% $1.89B-$633M BEARISHLOW-1.8ACCU(MOD)
AAPL$247.99-0.39% $12.26B-$6.13B NEUTRALLOW0.4—
The trillion-dollar club sold in unison. Only AAPL held relatively flat (-0.39%, SLOW tape). MSFT led the bearish options signal (adj C/P 0.09). GOOGL/GOOG show the largest intact ladders ($7.16B / $2.64B) but daily flow is distribution. META's 5-day cumulative ~-$1.4B side-adjusted bearish opts is the single most persistent signal. AMZN ladder ($1.93B) holds but LOW conf opts prevent convergence verification.
Semiconductors — AVG -2.05% | 0 GREEN / 16 RED
TickerPriceChgDP VolDP NetOpts DirConfGEXLadder
INTC$43.87-5.00% $1.04B-$978M BULLISHMOD-1.6ACCU(STR) 12/15
MU$422.90-4.81% $6.17B-$876M NEUTRALMOD-7.2ACCU(MOD) 10/15
ASML$1317.25-3.60% $0K+$0K BEARISHHIGH-16.1—
CRDO$103.40-3.45% $51M-$23M BEARISHHIGH5.8—
AVGO$310.51-2.92% $1.89B-$1.41B BULLISHLOW-1.2ACCU(MOD) 11/15
TSM$329.24-2.82% $1.03B-$19M BULLISHHIGH-2.5—
AMD$106.80-2.50% $1.46B-$120M BEARISHMOD-2.8DIST(MOD)
LRCX$228.36-2.41% $973M+$228M BULLISHMOD-6.5ACCU(MOD) 11/15
MRVL$87.91-1.81% $155M+$155M BEARISHLOW-5.6—
QCOM$129.90-1.05% $6.89B-$6.80B NEUTRALMOD-2.6ACCU(EME) 8/15
KLAC$1498.67-0.85% $122M+$122M BULLISHLOW13.2—
TXN$187.19-0.58% $445M+$219M BEARISHLOW0.3—
MCHP$62.97-0.51% $160M-$109M BEARISHHIGH1.5DIST(MOD) 4/15
ADI$309.43-0.33% $210M+$120M BEARISHHIGH-1.2—
ON$59.26-0.05% $74M+$72M BULLISHMOD1.9ACCU(MOD) 11/14
AMAT$357.06-0.04% $868M-$533M BEARISHMOD-0.7—
Universal damage. TSM is the ONLY bullish standout (HIGH conf +$83M). INTC fortress cracked (-5%). LRCX shows extreme adj C/P 16.9 (call buying). ASML HIGH conf bearish. WDC (-7.52%) and STX (-5.38%) = storage capitulation. ON is the lone analog bright spot (LEAN_BULLISH, ACCU ladder). QCOM $6.9B DP volume is extreme but contradictory (ACCU ladder yet negative net).
AI Infrastructure — AVG -7.48% | 2 GREEN / 8 RED
TickerPriceChgDP VolDP NetOpts DirConfGEXLadder
SMCI$20.53-33.32% $232M+$105M NEUTRALMOD2.7—
LITE$706.35-8.52% $3.02B-$2.66B NEUTRALLOW-40.2—
SNDK$709.71-8.08% $493M-$493M NEUTRALLOW-23.4—
ALAB$116.04-8.02% $493M-$493M BEARISHLOW0.3—
COHR$253.63-7.96% $4.27B+$1.50B BULLISHLOW-16.3—
VRT$255.88-4.94% $19.41B-$3.56B BULLISHLOW-35.2DIST(MOD) 3/12
ANET$131.22-3.70% $780M+$670M BEARISHMOD-1.0—
PLTR$150.68-3.21% $493M-$16M BEARISHMOD-3.5ACCU(MOD) 11/15
CRWV$81.47+1.00% $270M+$145M NEUTRALMOD-5.7ACCU(STR) 12/15
ARM$132.35+1.95% $133M-$133M NEUTRALMOD-1.9DIST(MOD) 3/14
SMCI -33.32% is the single largest move in the tech universe. VRT RECORD $19.4B DP (13,247% daily change) with DIST(MOD) ladder. COHR -7.96%, LITE -8.52%, SNDK -8.08% = optical networking / memory crushed. ALAB -8.02% (100% at-bid). CRWV is the bright spot: ACCU(STR) 12/15 ladder, +1.00% counter-trend, $553M net. ARM +1.95% counter-trend but DIST ladder contradicts.
SaaS / Enterprise Software — AVG -1.87% | 5 GREEN / 13 RED
TickerPriceChgDP VolDP NetOpts DirConfGEXLadder
CRWD$409.00-4.48% $604M-$47M BEARISHHIGH-5.5ACCU(STR) 9/10
SNOW$168.02-4.21% $258M-$213M BULLISHMOD-3.8DIST(EME) 5/12
PANW$162.95-4.00% $535M-$57M BEARISHHIGH-5.6—
ORCL$149.68-3.76% $3.12B+$2.14B NEUTRALLOW-9.6ACCU(STR) 13/15
DDOG$125.08-3.74% $326M-$300M BULLISHHIGH-4.6—
MDB$261.16-3.33% $170M-$72M BEARISHLOW-5.5—
NET$215.42-2.68% $202M-$194M BEARISHMOD-2.6DIST(MOD) 4/14
NOW$110.38-2.55% $234M+$119M BULLISHLOW-5.3ACCU(EME) 9/15
ZS$151.47-2.53% $171M-$51M BEARISHLOW1.4—
SPOT$474.54-1.65% $497M-$425M BEARISHLOW-3.7—
PATH$12.06-1.47% $15M+$6M BULLISHHIGH-7.1—
HUBS$258.81-1.34% $10M-$10M ——1.1—
TEAM$73.73-1.17% $175M+$153M BEARISHMOD-1.0—
INTU$455.56+0.07% $156M-$74M BEARISHHIGH-12.4—
NFLX$91.82+0.09% $1.22B-$356M NEUTRALLOW-3.4ACCU(MOD) 10/15
CRM$195.38+0.20% $605M-$217M BULLISHMOD-1.0ACCU(MOD) 10/15
ADBE$248.15+0.88% $1.34B+$1.10B BULLISHHIGH-1.0—
WDAY$135.96+1.93% $108M+$104M BULLISHHIGH-3.9DIST(MOD) 4/12
Relative strength pocket. CRM +0.20% green with ACCU(MOD) $2.31B ladder. ADBE +0.88% = only green large-cap on DP. WDAY +1.93%, TTD +2.55% = counter-trend accumulation. CRWD -4.48% grace period exhausted. PANW HIGH conf bearish (adj C/P 0.28). SNOW DIST(EME) ladder. DDOG HIGH conf bullish opts vs bearish DP = divergence to track. NOW ACCU(EME) ladder forming.
DETAILED TICKER CARDS — KEY SIGNALS
MSFT BEARISH
$381.87 (-1.84%) | DP: $3.38B (-$1.64B net) | Ladder: ACCU(MOD) 10/15 net=$10050M
Total: $280M Calls: $52M Puts: $228M Unknown: 16.9% Confidence: MOD Calls Bought: $14M Calls Sold: $23M Puts Bought: $154M Puts Sold: $42M Bullish: $55M Bearish: $177M Net: -$121M Adj C/P: 0.09 Whales: 214 ($46M bull / $167M bear) DTE: 0-5d=$10M | 6-30d=$197M | 31-180d=$37M | 180d+=$29M
BEARISH (MOD) | STRONGEST bearish. 5/6 days. Adj C/P 0.09. Structural.
PLTR BEARISH
$150.68 (-3.21%) | DP: $493M (-$16M net) | Ladder: ACCU(MOD) 11/15 net=$1460M
Total: $148M Calls: $40M Puts: $107M Unknown: 25.4% Confidence: MOD Calls Bought: $13M Calls Sold: $16M Puts Bought: $73M Puts Sold: $8M Bullish: $22M Bearish: $89M Net: -$67M Adj C/P: 0.18 Whales: 139 ($16M bull / $82M bear) DTE: 0-5d=$8M | 6-30d=$47M | 31-180d=$80M | 180d+=$11M
BEARISH (MOD) | 6 CONSECUTIVE BEARISH. $80M structural 31-180d.
TSM BULLISH
$329.24 (-2.82%) | DP: $1.03B (-$19M net) | Ladder: No ladder
Total: $153M Calls: $80M Puts: $74M Unknown: 2.9% Confidence: HIGH Calls Bought: $68M Calls Sold: $11M Puts Bought: $22M Puts Sold: $48M Bullish: $116M Bearish: $33M Net: +$82M Adj C/P: 3.06 Whales: 163 ($114M bull / $29M bear) DTE: 0-5d=$39M | 6-30d=$64M | 31-180d=$30M | 180d+=$17M
BULLISH (HIGH) | FLIPPED BULLISH. Strongest HIGH conf signal.
NVDA NEUTRAL
$172.70 (-3.28%) | DP: $5.00B (-$3.51B net) | Ladder: ACCU(MOD) 11/15 net=$7670M
Total: $598M Calls: $374M Puts: $224M Unknown: 24.0% Confidence: MOD Calls Bought: $147M Calls Sold: $154M Puts Bought: $59M Puts Sold: $95M Bullish: $241M Bearish: $213M Net: +$28M Adj C/P: 2.49 Whales: 1009 ($212M bull / $178M bear) DTE: 0-5d=$104M | 6-30d=$133M | 31-180d=$123M | 180d+=$192M
NEUTRAL (MOD) | Contested. $192M LEAPS. DP overwhelms opts.
INTC CONFLICTED
$43.87 (-5.00%) | DP: $1.04B (-$978M net) | Ladder: ACCU(STR) 12/15 net=$-435M
Total: $58M Calls: $24M Puts: $34M Unknown: 22.4% Confidence: MOD Calls Bought: $12M Calls Sold: $9M Puts Bought: $7M Puts Sold: $18M Bullish: $29M Bearish: $16M Net: +$14M Adj C/P: 1.65 Whales: 113 ($22M bull / $10M bear) DTE: 0-5d=$4M | 6-30d=$28M | 31-180d=$10M | 180d+=$13M
CONFLICTED (MOD) | Only name 4+ bullish days. Fortress cracked on price.
ADBE BULLISH
$248.15 (+0.88%) | DP: $1.34B (+$1.10B net) | Ladder: No ladder
Total: $54M Calls: $12M Puts: $42M Unknown: 4.7% Confidence: HIGH Calls Bought: $7M Calls Sold: $5M Puts Bought: $14M Puts Sold: $25M Bullish: $32M Bearish: $19M Net: +$13M Adj C/P: 0.50 Whales: 39 ($32M bull / $19M bear) DTE: 0-5d=$2M | 6-30d=$20M | 31-180d=$26M | 180d+=$891K
BULLISH (HIGH) | FLIPPED BULLISH. Only green DP name on OpEx.
MU BEARISH
$422.90 (-4.81%) | DP: $6.17B (-$876M net) | Ladder: ACCU(MOD) 10/15 net=$42M
Total: $345M Calls: $178M Puts: $166M Unknown: 21.0% Confidence: MOD Calls Bought: $60M Calls Sold: $80M Puts Bought: $59M Puts Sold: $73M Bullish: $133M Bearish: $139M Net: -$6M Adj C/P: 1.02 Whales: 606 ($120M bull / $125M bear) DTE: 0-5d=$64M | 6-30d=$141M | 31-180d=$63M | 180d+=$71M
BEARISH (MOD) | Ladder collapsed 98.5%. Beat-and-sell confirmed.
PANW BEARISH
$162.95 (-4.00%) | DP: $535M (-$57M net) | Ladder: No ladder
Total: $8M Calls: $6M Puts: $2M Unknown: 2.8% Confidence: HIGH Calls Bought: $496K Calls Sold: $5M Puts Bought: $2M Puts Sold: $271K Bullish: $768K Bearish: $7M Net: -$6M Adj C/P: 0.28 Whales: 17 ($135K bull / $6M bear) DTE: 0-5d=$735K | 6-30d=$1M | 31-180d=$527K | 180d+=$5M
BEARISH (HIGH) | HIGH conf bearish. Adj C/P 0.28. Cybersecurity pressure.
CRM BULLISH
$195.38 (+0.20%) | DP: $605M (-$217M net) | Ladder: ACCU(MOD) 10/15 net=$2310M
Total: $24M Calls: $9M Puts: $14M Unknown: 17.8% Confidence: MOD Calls Bought: $5M Calls Sold: $3M Puts Bought: $5M Puts Sold: $6M Bullish: $11M Bearish: $8M Net: +$3M Adj C/P: 1.09 Whales: 45 ($10M bull / $6M bear) DTE: 0-5d=$5M | 6-30d=$6M | 31-180d=$9M | 180d+=$3M
BULLISH (MOD) | SaaS relative strength. ACCU ladder $2.31B.
ASML BEARISH
$1317.25 (-3.60%) | DP: $0K (+$0K net) | Ladder: No ladder
Total: $20M Calls: $8M Puts: $12M Unknown: 8.5% Confidence: HIGH Calls Bought: $5M Calls Sold: $3M Puts Bought: $8M Puts Sold: $3M Bullish: $7M Bearish: $11M Net: -$4M Adj C/P: 0.53 Whales: 47 ($6M bull / $11M bear) DTE: 0-5d=$800K | 6-30d=$11M | 31-180d=$6M | 180d+=$2M
BEARISH (HIGH) | HIGH conf bearish. Semi equipment sell-off.
WDC BEARISH
$293.10 (-7.52%) | DP: $385M (-$208M net) | Ladder: No ladder
Total: $12M Calls: $10M Puts: $2M Unknown: 9.1% Confidence: HIGH Calls Bought: $3M Calls Sold: $7M Puts Bought: $1M Puts Sold: $55K Bullish: $3M Bearish: $8M Net: -$5M Adj C/P: 2.97 Whales: 26 ($3M bull / $7M bear) DTE: 0-5d=$483K | 6-30d=$3M | 31-180d=$4M | 180d+=$5M
BEARISH (HIGH) | HIGH conf bearish. Storage capitulation.
CRWV BULLISH
$81.47 (+1.00%) | DP: $270M (+$145M net) | Ladder: ACCU(STR) 12/15 net=$553M
Total: $44M Calls: $15M Puts: $29M Unknown: 25.0% Confidence: MOD Calls Bought: $4M Calls Sold: $4M Puts Bought: $12M Puts Sold: $13M Bullish: $16M Bearish: $16M Net: +$218K Adj C/P: 0.33 Whales: 77 ($14M bull / $13M bear) DTE: 0-5d=$1M | 6-30d=$22M | 31-180d=$7M | 180d+=$13M
BULLISH (MOD) | ACCU(STR) 12/15 ladder. +1.00% counter-trend.
CONVICTION TIER ASSIGNMENTS — 6-DAY CUMULATIVE
CHANGE TRACKING
Arrows: ▼ = downgraded, ▲ = upgraded, ▶ = new entry, = = unchanged from prior 5-day artifact.
TierTickerPrice/ChgChangeJustification
BEARMSFT$381.87 (-1.84%)=5/6 days bearish opts (MOD). Adj C/P 0.09. $154M puts BOUGHT. DP $3.4B sell. Strongest single-name signal.
BEARPLTR$150.68 (-3.21%)▼ WATCH6 CONSECUTIVE bearish opts. $80M 31-180d structural. $1B+ cumulative. Ladder STR→MOD.
BEARMETA$595.00 (-1.50%)=5/6 days SELL on DP. Ladder eroding $5.6B→$4.3B. 03/19 detonation $1.03B.
BEARMU$422.90 (-4.81%)=Ladder net COLLAPSED 98.5% ($2.92B→$42M). Beat-and-sell #6. Structural thesis intact, tactical broken.
BEARAMD$106.80 (-2.50%)=4/6 bearish opts. DIST ladder. DP sell. Both channels aligned.
BEARCRWD$409.00 (-4.48%)▼ LONG2 consecutive bearish sessions. Grace period exhausted. -4.48% on OpEx.
BEARNVDA$172.70 (-3.28%)=DP 4 consecutive SELL. Options neutral. Ladder $7.67B eroding. Negative GEX amplifies.
BEARSNOW$168.02 (-4.21%)▶ NEWDIST(EME) 5/12 ladder. -4.21% on OpEx. DP $258M sell. No buy-side support.
BEARPANW$162.95 (-4.00%)▶ NEWHIGH conf bearish. Adj C/P 0.28. DP $535M sell (-$57M net). -4.00%.
BEARWDC$293.10 (-7.52%)▶ NEW-7.52% on $385M DP. HIGH conf bearish opts. Storage sector capitulation.
BEARALAB$116.04 (-8.02%)▶ NEW-8.02%. $493M DP 100% at-bid. No ladder. AI hardware de-rating.
BEARVRT$255.88 (-4.94%)▶ NEW-4.94% on RECORD $19.4B DP (13,247% spike). DIST(MOD) 3/12 ladder. -$3.99B net.
BEARAPH$126.74 (-2.99%)▶ NEWDIST(STR) 1/15 ladder — worst in sector. -$1.44B net. -2.99%.
BEARMCHP$62.97 (-0.51%)▶ NEWDIST(MOD) 4/15 ladder. -$672M net. Analog semi weakness.
BEARNET$215.42 (-2.68%)▶ NEWDIST(MOD) 4/14 ladder. -$602M net. DP 100% at-bid. SaaS sell-off.
TierTickerPrice/ChgChangeJustification
WATCHORCL$149.68 (-3.76%)▲Mar 20 puts EXPIRED. DP +$2.14B BUY. ACCU(STR) 13/15. Post-OpEx clean slate test.
WATCHINTC$43.87 (-5.00%)▼ LONGFORTRESS BROKE. -5% on OpEx. Net flow NEGATIVE. Options bullish but price says distribution.
WATCHSMCI$20.53 (-33.32%)▶ NEW-33.32% EXTREME. MOD conf opts neutral. Two-way options flow. DP accumulation on DP labels but FAST tape.
WATCHAMZN$205.37 (-1.62%)▶ NEWLOW conf opts (35% unk). DP $2.3B sell. Ladder ACCU(MOD) 10/15 $1.93B intact. Needs higher-conf read.
WATCHGOOGL$301.00 (-2.00%)▶ NEWMOD conf bearish opts but marginal (-$5M). Ladder ACCU(MOD) 11/15 $7.16B massive. Neutral lean.
WATCHAAPL$247.99 (-0.39%)▶ NEWLOW conf (52% unk). DP $12.3B RECORD on SLOW tape. Ladder absent. Ambiguous.
WATCHNFLX$91.82 (+0.09%)▶ NEWACCU(MOD) ladder $1.13B but opts oscillating bearish. Slow tape = labels usable. Mixed signals.
WATCHQCOM$129.90 (-1.05%)▶ NEW$6.9B DP on -1.05%. ACCU(EME) ladder but -$6.65B net. Massive but contradictory.
WATCHIBM$241.77 (-3.43%)▶ NEWACCU(EME) ladder forming. HIGH conf opts bullish. DP $400M sell. Early-stage divergence.
TierTickerPrice/ChgChangeJustification
BULLTSM$329.24 (-2.82%)▶ NEWSTRONGEST bullish signal. HIGH conf +$83M. Calls bought 6:1. Counter-trend standout.
BULLADBE$248.15 (+0.88%)▶ NEWOnly green DP among large-caps. HIGH conf opts bullish. +0.88% on -1.43% SPY.
BULLLRCX$228.36 (-2.41%)▶ NEWMOD conf +$11M. Adj C/P 16.9 extreme. DP BUY +$228M. ACCU(MOD) ladder.
BULLCRM$195.38 (+0.20%)▶ NEW+0.20% green. ACCU(MOD) 10/15 $2.31B ladder. MOD conf bullish opts. SaaS relative strength.
BULLCRWV$81.47 (+1.00%)▶ NEWACCU(STR) 12/15 ladder. +1.00% counter-trend green. $553M net. Emerging conviction.
BULLON$59.26 (-0.05%)▶ NEWLEAN_BULLISH on SLOW tape. ACCU(MOD) 11/14 $295M. Analog semi bright spot.
BULLWDAY$135.96 (+1.93%)▶ NEW+1.93% counter-trend. DP +$104M accumulation. DIST ladder contradicts but price + DP aligned.
BULLTTD$24.11 (+2.55%)▶ NEW+2.55% strongest green. DP $160M accumulation. AdTech recovery signal.
BULLDDOG$125.08 (-3.74%)▶ NEWHIGH conf bullish opts. DP $326M sell but options diverge. Observability play.
BULLARM$132.35 (+1.95%)▶ NEW+1.95% counter-trend green. DP $133M but 100% at-bid on FAST tape (labels unreliable).
FRAMEWORK LESSONS — 6-DAY WINDOW (UPDATED)
LESSON 1: OPEX PUT WALLS ARE FLOORS THAT BECOME TRAPDOORS
The 5-day artifact documented ~$2B+ in Mar 20 put positioning. During the window, dealers bought dips to hedge = mechanical floor. On 03/20, $25.8B in put delta expired. The floor vanished intraday. SPY dropped -1.43% (worst day of window). The day OF put expiry is when the move happens, not before. Section 6.2 validated perfectly.
LESSON 2: EVEN FORTRESSES FALL ON QUAD WITCHING
INTC was bullish on DP every session for 5 days. On quad witching it fell -5% with net flow going NEGATIVE (-$435M). No accumulation signal survives the mechanical selling of quad witching. The 03/23 Monday session is the true test.
LESSON 3: SUBSECTOR ROTATION IS VISIBLE IN REAL TIME
On the worst DP day of the window (87/103 bearish), the SaaS/enterprise cluster showed relative strength: CRM +0.20%, ADBE +0.88%, WDAY +1.93%, TTD +2.55%. Meanwhile AI infrastructure (SMCI -33%, COHR -8%, LITE -8.5%, ALAB -8%) got crushed. The rotation FROM hardware TO software is detectable through the subsector heatmap. This isn't random — it's institutional portfolio rebalancing visible in the flow data.
LESSON 4: LADDER DECAY RATE IS THE LEADING INDICATOR
MU ladder net went $2.92B → $1.36B → $42M (98.5% collapse). The ladder CLASSIFICATION barely moved (MOD 10/15). Classification lags. Rate-of-change in net flow is the leading indicator. When net flow declines >80% while classification holds, the classification is about to break. Rule 6 applied to ladder analysis.
LESSON 5: VOLUME ANOMALIES ON OPEX ARE MECHANICAL, NOT DIRECTIONAL
VRT printed $19.4B in darkpool volume (13,247% daily change). AAPL $12.3B. QCOM $6.9B. These extreme readings on quad witching are mechanical rebalancing, not new institutional conviction. Treating OpEx volume spikes as directional signals is the Volume-As-Direction Fallacy (Section 0.7). Wait for post-OpEx normalization before interpreting DP volume changes as positioning shifts.
FORWARD LOOK — WEEK OF 03/23
POST-OPEX REGIME TRANSITION — FIVE QUESTIONS
1. Ladder restoration test: 24+ tickers had ACCUMULATION ladders entering 03/20 that were overridden by quad witching. If ladders restore by Tuesday, the multi-day accumulation thesis survives. If they break, OpEx damage is real.

2. INTC is the tell: If INTC recovers bullish DP Monday, the -5% was an OpEx artifact. If it sells again, the strongest accumulation signal in the dataset is broken.

3. ORCL hedging thesis resolution: $500M+ in Mar 20 puts expired. If ORCL DP stays bullish (ACCU STR 13/15, $4.94B) without put hedging flow, the prior artifact thesis is CONFIRMED: puts were insurance, not directional.

4. SaaS rotation durability: CRM, ADBE, WDAY, TTD showed counter-trend strength. If this cluster holds while semi/AI infrastructure continues to sell, it confirms an institutional sector rotation. Watch for ACCU ladder formation in these names.

5. SMCI recovery or continuation: -33.32% is extreme by any measure. If SMCI bounces Monday with DP accumulation, it was mechanical OpEx (equity rebalancing). If distribution continues, there may be a structural issue (accounting, dilution, or customer loss) beyond the tape.

EM Range context: XLK -30, QQQ -33, VIX 68. Any bullish tech thesis requires 4+ convergence inputs against these dominant trends. Only TSM, ADBE, and CRM currently have 2+ aligned bullish inputs. The bar for going long is HIGH.
Maverick 5.8 — Technology Sector 6-Day Rolling Analysis (EXPANDED) | Generated 03/22/26
Days 1-5: Full-session EOD CSVs + WL1 per-ticker files carried from prior 5-day artifact.
Day 6 (03/20): live_options_flow_0320.csv (94 tech tickers) + darkpool_summary_0320.csv (95 tickers) + technology_2026-03-21_wl1.md (103 tickers).
Unusual Activity Scanner: 95 tickers scanned across 9 anomaly types. 20 alerts surfaced.
Regime: MAVERICK_FLOW_TRACKER_ROLLING_0320_v7.md. Framework: Maverick 5.8.
All options side-assessed per Section 4.6 with Confidence Gate (Step 1.5). LOW confidence excluded from convergence.