Outlook
$SPX's VTO(mid term indicator) triggered strong buy signal while short term indicators suggests overbought conditions. We think the market needs some pullbacks here.
SPY today
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| SPY 5m |
SPY gapped up and any dips were bought. Strong.
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| $NYAD |
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| $NYHL |
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| SPY:RSP |
$NYHL is at highest level in these years and suggests there would be some pullback soon.
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| $SPX CVI |
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| $SPX STVO |
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| $SPX VTO |
VTO is approaching to +1σ but it still has some upside room.
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| SPY DWV 0610 |
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| SPY DWV 0617 |
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| SPY OI 0610 |
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| SPY OI 0617 |
It has four days before weekly expires and those ITM call sellers may be feeling pain in their ass. If SPY can stay this level today by Thursday, there would be delta hedge buying.
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