Passe — pas de trade

The only trigger on the board is a 15m close BELOW the developing POC/VWAP ($84,549.5 / $84,536.8) — a short-side signal, and STATE already has an open short on this book (T1 booked), so that direction cannot be re-recorded. There is no long trigger: no reclaim close back above dPOC/VWAP, no swept level with a reclaim, and the tape is a dead 2-day-low-volume coil ($84,443–$84,666) with flat 5m delta — a poor reaction that would not justify a counter-trade anyway.