Outlook
SPY closed at 209.24, which is just $0.50 away from all time high, and there is no reason SPY can't exceed ATH tomorrow. At the same time, SPY is near exhaustion level and we expect consolidation or shallow pullback soon.SPY today
SPY 5m |
Bulls will try to trigger stops above ATH but this scenario is too obvious so I guess the market will show another story that we can't imagine for now.
VTO suggests S&P500 still has upside room in medium term.
The wall of 210Call would work as a big resistance. Unless new ATH price is accepted (increased volume), those call holders would close the position for profit taking and the first breakout will be short lived.
By the way, we found this strange trade:
12:51:54 0422 202.50P 10000x0.07
This trader opened 10000 of far OTM puts when SPY was going higher. Does he/she know something we don't know?
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