**

Volatility surged with significant energy, as indicated by a strong volume spike, driving the market into an expansion phase. The absence of prior compression suggests a rapid move, with institutional activity amplifying the current volatility regime.

The bulls hold temporary control, supported by a key institutional level established at 12:40 PM. However, the presence of an overhead resistance from an earlier level at 11:20 AM and a neutral price position relative to moving averages complicate the directional outlook.

Options flow reveals a negative gamma environment, with dealers short and enhancing volatility. The proximity of a put wall at $655.00 creates a potential barrier, while the broader range between $655.00 and $670.00 indicates a choppy trading landscape.

For traders, the setup presents mixed signals. While there is strong buying pressure from higher timeframe participants, caution is advised due to the looming resistance and negative gamma. A break below $655.00 would invalidate bullish conviction, requiring swift reassessment of positions.

Volatility is high with a charging knight at 2.85x, and dealers are amplifying this in a negative gamma regime, but the MIDAS bull currently controls the price. The structure shows a conflict: while there's strong buying pressure from higher timeframe traders, the old MIDAS bear and negative gamma suggest caution, and momentum is against E1. TRAP: Mixed signals with a looming put wall at $655.00; conviction is invalidated if price breaks below this level.

Purple bishop 8 bars ago with STD firing and BBW widening, no coil preceding expansion, and a charging knight at 2.85x validates the move.

We've got a MIDAS bull anchored at 12:40 PM with E1 triggered at 01:40 PM, but watch out for the old MIDAS bear from 11:20 AM still looming overhead.

Mike opened in a red state and has now flipped to neutral.

Fading on the first call E1 with a large MFE of 11F despite a MAE of -6F, while the first put E1 shows a decent performance with a significant MFE of 38F.

Mike is positioned just below IB at 16.0x TPO count above POC, indicating strong buying pressure from higher timeframe traders while locals remain overwhelmed.

In a negative gamma regime, with dealers short and amplifying volatility, keep an eye on the put wall at $655.00—just $4.22 away—while the GEX range sits between $655.00 and $670.00, indicating a choppy trading environment.

Momentum is against E1, signaling a potential warning for traders.

Bullish sentiment dominates with eyes active, crossed at 11:35 AM, +72.1 since ↗ — institutional confirmation in play.