Outlook
SPY had some selling pressure on last two days. We think this *sell off* was just a relief of reent oversold condition and upword pressure will resume on coming week. SPY would close 212 or more by Friday.
Wrap up
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| SPY 5m |
SPY continued to decline on early Friday with positive divergence, then had some buyers lately.
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| $NYAD |
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| $NYHL |
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| SPY:RSP |
The internal wasn't so bad.
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| $SPX CVI |
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| $SPX STVO |
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| $SPX VTO |
CVI suggests very short term oversold and we expect some degree of rebound first.
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| SPY OI 05/06 |
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| SPY OI 05/13 |
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| SPY DWV 05/06 |
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| SPY DWV 05/13 |
Open interests for coming week is skewed to put side, and some puts are already in the money. SPY would get bought at least up to 209 level so that those puts get worthless.
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