On SPY's Value Based Open Interest chart, I would like to point out two positions, 221 C (Long) and 230 P (Short).
Let's see the 221C on Daily Chart. Most of the Longs are bought on December 8th, and that buyers were still in profit last Friday, but the margin is narrowing. We could expect this Call holder would close the position by Wednesday.
On the other hand, 230P was sold to open on December 14th, the Put price has not decreased so much. If SPY price can not rise, the seller might start closing this position.
Overall SPY seems to be heavy until Wednesday.
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