Outlook
Coming Friday is Good Friday. (Are others bad ones by the way?) That means we will have short trading week. Strong close at triple witch, overbought market, and short trading week are not favorable for bulls. SPY may test rising 5SMA this week and such shallow pullback would be healthy for sustainable uptrend.
SPY today
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| SPY 5m |
It looks like SPY had already *pinned* on Thursday except the fact it was ex-dividends day. 0318SPY205.00C got worthless as we warned previously.
CVI/STVO/VTO and trends/overbought/oversold
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| $SPX CVI |
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| $SPX STVO |
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| $SPX VTO |
All of CVI, STVO, and VTO stayed at overbought level. The market might be ready for pullback but the level would be very shallow.
SPY Options OI and Dollar Weighted Volume
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| SPY OI 03/24 |
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| SPY DWV 03/24 |
There are spikes at 205/206 Call on Mar 24. After this steep run up and overbought territory, it would be a strong resistance area for SPY.
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