NoVo maps dealer positioning on three index ETFs: SPY, QQQ and IWM. A trader usually watches one closely and glances at the others. Asking a markets Super Intelligence to compare all three takes one sentence. The answer is one of the more useful things it produces, when it is built correctly.
The question
“Compare the dealer maps on SPY, QQQ and IWM, and tell me where they differ” is enough. The last clause matters. You are asking for the differences. Three full descriptions in a row are harder to use than one sentence about where the three part ways. Why these three are the ones mapped is in why SPY, QQQ and IWM.
What a good answer contains
It takes each index against its own levels. SPY against SPY’s flip. QQQ against QQQ’s. IWM against IWM’s. For each it gives the side of the flip, the nearer wall and the expected move.
Then it says where they differ. Two above their flip and one below is a difference. One index sitting close to a wall while the others have room is another. One whose expected move is much wider than the others is a third.
It gives one age for the set, or one for each if they differ. On Trader Pro the dealer read runs on a 5-minute cycle.
Units that can be compared
The three trade at different prices. A distance in points means little across them. A good comparison gives distances as a percentage of price, so that “close to the wall” means the same thing on each.
Ask for that if you do not get it. It is a fair instruction, and it makes the answer checkable against the chart.
What is never blended
The three maps are three options books. A markets SI does not average them into a “market” flip or add their net GEX into one figure. A blended level describes no instrument anyone can trade.
The SI may say that all three sit on the same side of their flips. That is a statement about three readings. It is not a fourth reading.
The IWM note
Out of hours the comparison becomes uneven. SPY and QQQ have index perps that trade all week, so there is a live figure to place beside each resting map. IWM has no perp and no stock token. Its map rests with nothing beside it.
A markets SI should say this without being asked. The small-cap side of the picture is covered in IWM dealer positioning.
Where the answer stops
It stops before “so trade this one”. The comparison describes three books. Which one suits you depends on what you trade, your size and your hours. That choice is discussed in SPY, QQQ or IWM: which to trade, and it is yours.
A comparison also makes no claim that one index leads the others. Differences between the maps are differences in positioning now. The SI reports them and leaves the inference alone.
Dr. NoVo, NoVo’s Financial Markets SI, reads all three maps in one pass. They are on the Trader dashboard, where each can be checked against what he said.