This Goldman Sachs Indicator Hit 0 Only 4 Other Times in the  Last 20 Years. History Says Big Tech Rallies Followed

A Goldman Sachs options indicator tracking one-month put-call skew across Nasdaq-100 components has reached zero, a rare reading that has occurred only four other times over the past 20 years. Under typical market conditions, put options trade at a premium relative to calls, with the gauge's historical average sitting at approximately 0.11. A drop to zero indicates that traders are paying equal costs for upside and downside exposure, reflecting historically low demand for downside portfolio hedging. Historically, each of the prior four zero readings occurred during the AI-driven market cycle—once in late 2023, twice in 2024, and once earlier in 2026. In each past instance, the signal coincided with strong ongoing tech advances rather than imminent market peaks, although transient disruptions like the August 2024 yen carry trade unwind still created brief pullbacks. The metric's 0.25-point decline since March 2026 marks one of its fastest six-month drops on record. While low skew highlights strong market confidence and reduced hedging costs, heavy index concentration in mega-cap leaders such as Nvidia and Microsoft means one-sided positioning could still expose markets to sharp short-term volatility if macro conditions shift.