🗞️ Weekend Price & Flow Analysis - Feb 8

ANQ ES GC Prep for week #7. February 8, 2026.

Feb 08, 2026

⚡️TL;DR

Nice sell off most of the week, but Friday ended strong for all indices. Now lets see if that push up can continue.
Margin and trading restrictions going around for Metals, which may offer cooling for GC and other metals.
ES looks like the next strongest to push to new highs after YM makes new highs on Friday. Lets see if that momentum continues.
Across indices, metals, top equities - options flow ended friday bullish.
Sectors are bullish, with Tech and Consumer Desc. holding us down.
Looking forward to CPI and Jobless claims next week for more volatility
Apparently Epstein is Satoshi, which makes BTC less attractive now?

🌐 Price & Flow

📊 Futures Indices

Price, Options Flow, Order Flow…

NQ (Nasdaq Futures) -

📈 Price / Levels (NQ):
The week started with a nice gap down, but recovered most of it during regular trading, but then continued to fall rest of week, breaking 24900s support, but bouncing at 24250s. From last friday close to this friday close gave us about a ~500 point range, but the high and low of the week is ~1800 points 😮.
Definitely sell-off to “V” recovery towards end of the week, but still closed red for the week. Watching 25350s and 25000s to see which bias to follow.
🌊 Options flow (QQQ):
The begging of the week started out muted for options flow, then turned bearish middle of the week. Going into friday both call options and volume were bullish, which fueled the “V” recovery we say. Lets see if that continues.
🔀 Order flow (NQ vs QQQ):
CVD did not agree between with NQ being bullish and QQQ being bearish on Friday. NQ has some bearish pressure overhead, while QQQ is giving a clear shot to 615s, so lets see if NQ stalls the bounce in the begging of the week.

ES (S&P Futures) -

📈 Price / Levels (ES):
Strong push back-up into the middle of it’s range, really looking like it could wick new highs. Price barely closed green for the week, but gave ~280 point swing between Monday to Friday. 6955 is that line in the sand for Monday. Lets see.
🌊 Options flow (SPY):
Call flow started to pick up Wednesday, and beat out put volume for the rest of the week. Friday ended with more bullish flow in options and volume delta, supporting a potential recovery back into the top of the range 👀
🔀 Order flow (ES vs SPY):
ES and SPY mostly agreed all week for CVD, closing Friday green. There is strong bullish levels to the upside for both Futures and ETF (6979s, 690.66s). Lets see if price can clear and hold those levels for more upside.

GC(Gold Futures) -

📈 Price / Levels (GC):
Climbing back strong, making HHs and HLs. This week closed clearly green.
I think with all the margin restrictions happening, perhaps we’ll have less volatility going into next week?
🌊 Options flow (GLD):
Last week we had really strong bearish bets, but this week has been pretty neutral for options flow, but looks like bullish bets are slightly winning out.
🔀 Order flow (GC vs GLD):
CVD looked more bearish for GC towards the end of the week, but flipped green for GLD on Friday. The push up Friday was supported by bullish imbalance levels, but there is some bearish overhead pressure around 5020s / 461s

VIX (S&P Fear Index) - Made a new high for 2026 but broke down. Options flow is neutral but looks like there is more upside interest.

YM (Dow Futures) - Amazingly, new all-time-highs 😮. Traders are still putting money to work, so that is a good sign for bulls, for now. Friday options has a big squeeze of calls that deflated to close the day.

RTY (Russel Futures) - Pushing up strong, following the pattern of ES, but options flow is relatively flat. Lets see if rotation in continues next week.

Overall,
This week NQ sold off hard then snapped back, but it still closed red and now needs to hold 25000–25350 early next week to keep the momentum. ES held up better and closed stronger with more bullish flow, so it has the cleaner path higher as long as 6955 holds. Gold is pushing higher, but it’s running into overhead pressure near 5020, so it may chop before pushing again. The fact that YM made new all time highs tells me people are still wiling to rotate money in and out, so lets see which indices give us a reason to go higher next.

⚡️Review of Top Names QQQ (NQ), SPY (ES)

Price, Options Flow, Order Flow…

NVDA (Nvidia) - Price broke down out of its range then pushed back up with options getting a late burst of bullish call interest, but there’s still a lot of selling sitting above, so the bounce needs to reclaim the low-190s to continue.

APPL (Apple) - Strong rebound with steady call interest, and buyers have been defending pullbacks, so holding the mid/upper-270s keeps the push higher in play.

MSFT (Microsoft) - Super heavy, gap down free fall. Options stayed neutral, and there’s heavy sell pressure overhead, so pops may keep getting shorted until it can climb back over the mid-400s

AVGO (Broadcom) - Choppy and heavy, but options turned more bullish late last week. Lets see if it can get back above the mid-340s and hold.

AMZN (Amazon) - Wow, two big gap downs. Some light bullish options flow, and buyers only really showing up near the lows, lets see if it can reclaim 220s.

TSLA (Tesla) - Still drifting lower in a range with mixed options flow. Watching if it clears the 430s or loses the 410s.

META (Meta) - Big sell-off, closing the gap. Options flow turned bearish, so even if it bounces, I think short the pops until mid-650s can hold and push to 700s.

GOOG (Google) - Broke down but then strong rebound, but options got more cautious after the drop; Lets see if price can stay above 320s to stay strong.

AAPL and GOOG look like the cleaner rebound leaders, while MSFT and AMZN are the weakest names after big gap-downs that could keep getting sold on bounces. NVDA is trying to recover, but it needs to hold above the low-190s to prove it.
AVGO and TSLA are still stuck in ranges. Overall, some strength, with lots of overhead bearish pressure, and likely more swings highs and lows next week.

⚡️Review of Gold / Macro

Price, Options Flow…

DXY (Dollar) - The dollar rebounded this week, and if that bounce holds it can take some steam out of metals, but if it fades again commodities get a tailwind.

TNX (Treasury Note) - Yields are still trying for higher, which could keep pressure on tech and makes gold rallies harder.

BTC (Bitcoin) - Bitcoin/IBIT broke down hard and the options activity got more cautious. Looks like people are stepping away as “Epstein is Satoshi” rumor circulate.

CL (Crude Oil) - Oil is still grinding higher and options stayed slightly bullish, which can revive inflation concerns and keep yields sticky.

SI (Silver) - Silver gave back a huge chunk of its run, and continues lower. Options stayed heavy to downside. With all the margin restrictions we may see more cooling.

PA (Palladium) - Palladium is still stuck near the lows with weak bounces, and options aren’t showing strong conviction either.
HG (Copper) - Copper pushed up and then reversed lower, with options neutral.
GC (Gold) - [See update above]

Overall, the dollar is trying to turn back up and interest rates are still high, which usually makes it harder for stocks and metals to run without pullbacks. Oil is pushing higher, which can keep inflation worries alive. Bitcoin looks weak right now, and the other metals (silver, copper, palladium) look like they’re taking a breather after getting stretched. Gold is still the “stronger” metal but it will take time before new highs.

⚡️Review of Sectors

Price, Options Flow…

XLK (Technology) - Tech sold off hard and is trying to bounce, but the options activity still reads cautious with only a late-week pop in upside interest.
XLF (Finance) - Financials pulled back from the highs and are stabilizing, and the options market still looks more focused on protection than chasing upside.

XLY (Consumer) - Consumer discretionary rolled over from recent highs, and options stayed defensive, suggesting dip buyers are still hesitant.
XLE (Energy) - Energy kept pushing higher, and options leaned bullish with more interest in upside moves.

XLV (Healthcare) - Healthcare is still mostly chopping in a range and leaning a bit heavy, and the options flow stayed more cautious than bullish
XLI (Industrial) - Industrials are still in a strong uptrend, and options look supportive but not overly aggressive

XLP (Staples) - Staples are breaking out as money rotates into steadier areas, and options participation picked up even if some traders are still playing it safe.
XLU (Utilities) - Utilities are still stuck going sideways, and options are quiet and slightly negative, so there isn’t much confidence in a clean breakout yet.

Energy and Industrials look like the leaders, Staples is getting steady “safety” buying, while Tech and Consumer are choppy and not acting like clean risk-on trends. Financials are trying to base but traders still look cautious there, and Utilities plus Healthcare are basically sideways with a defensive tone. For next week that points to ES holding up better than NQ if tech stays shaky, while gold can stay supported if the market stays nervous and money keeps rotating into safer areas.