Outlook
We think SPY will stay current level by Friday, unless it gaps up big tomorrow.
SPY today
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| SPY 5m |
SPY opened flat this morning. Bears tried to prove stop sell level but failed as market was already in oversold condition in short term, and buyers took control to close the gap. SPY now sits above 5SMA level, which is bullish.
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 |
CVI and STVO suggests near term consolidation.
SPY Options OI and Dollar Weighted Volumes
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| SPY OI 04/08 |
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| SPY OI 04/15 |
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| SPY DWV 04/08 |
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| SPY DWV 0415 |
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| SPY Big Trades 04/18 |
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| SPY Big Trades 04/15 |
From 0408 OI, we can read there is strong resistance at 207. SPY may exceed 207 tomorrow or Friday, but won't stay long at this level because those call holders will close their position for profit taking. Unless SPY gaps up big tomorrow or Friday, we think SPY will close between 206.50 and 207.00 on Friday.
For the next week, both OI and DWV charts look bullish so far.
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