Positioning and sentiment is highly geared towards the odds of a favorable outcome at the G20 with the put/call open interest falling to 1.6 (from 2.2) suggesting fairly limited appetite for hedging. For whatever reason, market participants are now focused on the likelihood of a deal and if no deal goes through, technical levels will do so as the Nasdaq still approaches a death cross formation which technically if history is any guide could lead to a further 10%+ decline.
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