Upside Max Pain

Upside Panic Everywhere

The upside chase in tech is becoming increasingly extreme. China tech is now starting to squeeze aggressively higher just as investors continue piling into NDX upside optionality and leveraged semiconductor exposure. Spot-up, vol-up dynamics remain firmly in place, downside hedging has become unusually cheap, and positioning across tech continues pushing toward historic extremes.

The upside chase keeps getting more aggressive.