Last week, the S&P 500 suffered a negative outside reversal. It rallied above the prior week's high, then fell below the prior week's low, and a lower close as well. These have indicated exhausted buying pressure in the past, with a short-term bias. It tried to erase that with a large positive intraday reversal on Monday.; Last week, speculative options activity moved to another record. The last few weeks have seen activity that far surpasses the previous record at the peak in February. Speculation was rampant among all traders but was especially extreme among the smallest of them. They bought a record number of calls versus puts and paid record premiums for them.

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