I stopped tracking the options market many months ago because it took up too much time. So I am just able to read reports of what is going on today that it seems like a lot of hedging is taking place.
As it is options expiration day reading the options tea leaves is more difficult.
Yesterday, Thursday, the Nasdaq 100 and the S&P 100 closed above the Thursday August 20 close. The Dow 30 did also and for the second time. The 100 often lead, but the rest must follow.
These need to hold. If they hold then those who wanted to bail out when they got back to the August 20 close will have been overruled by those that think the market is going to go back to it previous highs.