Outlook
I know it's like broken record, but we expect SPY will exceed or get closed to 210 by Friday expiration.
SPY today
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| SPY 5m |
S&P Futures sold off on Sunday globex session, but it started recovering on Asian trading hour and bears were trapped. Volume wasn't impressive, though.
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| $NYAD |
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| $NYHL |
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| SPY:RSP |
Although the volume was light, Advance/Decline ratio was very good today. SPY just closed at 5SMA, and bears may try to short at this level tomorrow.
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| $SPX CVI |
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| $SPX STVO |
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| $SPX VTO |
- CVI rebounded and entered positive level while it still has a room for upside.
- STVO finished flat while its momentum indicators show some improvement. Short term momentum is expected to increase.
- VTO increased a bit while is momentum indicators are still negative.
→Those indicators don't say "All Green" and bears may try to sell when they see some weakness on the market. I bealieve any dips are buy this week.
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| SPY OI 05/20 |
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| SPY OI 05/27 |
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| SPY DWV 05/20 |
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| SPY DWV 05/27 |
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| SPY Option Big Trades 05/20 |
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| SPY Option Big Trades 05/27 |
On the OI chart, there are spike on 205Put and 205Call and that means either of 205P sellers or 205C sellers have to be losers. While there are still some time before expiration, if SPY shows some strength over 205, those 205 Call sellers have to hedge their position either by buying calls or SPY and it will give some tailwind to SPY longs.
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