Outlook
We don't expect much room for upside tomorrow, rather we believe SPY would go lower to close the gap first. There has been massive call buying yesterday and today and we know it's not a good idea to buy calls at breakout.
SPY today
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| SPY 5m |
F l a t . period. Did I mention there was negative divergence?
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 |
STVO suggests more upside but we need to confirm VTO turns up firmly.
SPY OI and big trades
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| SPY OI |
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| SPY DWV 04/15 |
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| SPY DWV 04/22 |
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| SPY Big Trades 04/15 |
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| SPY Big Trades 04/22 |
Max Pain=206.50
SPY options again skewed to call side and I would say the bus is full. I'm not saying SPY won't make breakout tomorrow, but the chance would be slim at this overbought level.
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