Outlook
We are bullish at here. SPY may be at or near intermediate bottom.
SPY today
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| SPY 5m |
SPY gapped down and kept down with positive divergence. After SPY undercut 5SMA, buyers showed up but they couldn't take control and SPY ended up new low. Notice 5SMA is still rising and last high is within 1% range.
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 |
Negative CVI suggests $SPX still may have downside room. Both STVO and VTO declined today but remain in high level, that suggests this pullback 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 |
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| SPY DWV 03/31 |
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| SPY DWV 04/01 |
Tomorrow is expiration day because Friday is holiday and some traders bought plenty amount of Puts at low. Most of those Puts are ITM (207 or 207.50) so if SPY rebounds it's pretty much sure they are going to close those positions to limit the loss, and those selling will fuel rebound.
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