Outlook
We think SPY continues to consolidate between 209 and 210 level.
SPY today
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| SPY 5m |
SPY successfully digested profit taking and rebounded at 5SMA level. Volume wasn't so bad.
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| $NYAD |
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| $NYHL |
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| SPY:RSP |
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| $SPX CVI |
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| $SPX STVO |
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| $SPX VTO |
VTO suggests new ATH is coming, but STVO says not so fast.
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| SPY OI 06/03 |
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| SPY OI 06/10 |
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| SPY DWV 06/03 |
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| SPY DWV 06/10 |
As you can see in 06/03 OI chart, SPY is sitting between 209 wall of Put and 210 wall of Call. If SPY breaks down 209, those put holders would sell their puts, which means SPY will get bought. If SPY breaks up 210, those call holders would sell their calls, which means SPY will get sold. This balance would continue until either put or call of wall crumbles.
By the way, we didn't see big option trades that could change the structure of open interest today.
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