2016/03/21 SPY Options Wrap Up

Outlook

We expect bears trying to sell at the high while the market is clearly overbought, but the pullback will be very shallow. SPY might undercut 5SMA where buyers would show up.

SPY today

SPY 5m

Bears were rejected in early morning but buyers weren't so active either. Price range was very narrow while rising 5SMA is approaching from below.

CVI/STVO/VTO and trends/overbought/oversold

$SPX CVI

$SPX STVO

$SPX VTO

CVI and STVO dropped a bit. CVI suggests neutral in very short term.
VTO is still in overbought territory while ITBM/ITVM still rising.
Those suggest there might be very shallow pullback in coming days.

SPY Options OI and Dollar Weighted Ratio

SPY 03/24 OI

SPY 03/24 DWV & Bull/Bear Ratio

There still exists SPY 205/206 walls which work as resistance.

By the way, we added Bull/Bear ratio chart in DWV menu.

Bull/Bear Ratio = Bullish / (Bullish+Bearish)

where

Bullish=(DWV of Call Above Ask+DWV of Put Below Bid)

Bearish=(DWV of Put Above Ask+DWV of Call Below Bid)

I will describe how to use this indicator in separate entry. Wait... I haven't written any manual of my App...