The Open Interest Next Week Continues to Favor the Bulls

I hope everyone had an amazing new year and trading week. If you didn’t you should consider subscribing below because weeks like this are as easy as they come and it’s not to late to make 2018 a great year.

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Open Interest:

SPY-W: (50 of 69 pins since Wednesday expiration inception).* There isn’t a whole lot to see here, but it is more supportive of the bulls given the high 271 puts. Thus, should SPY pullback to that level it’s likely to stop and then move back higher. There is a small amount of calls at 273, but it’s not much and price closed above that level on Friday. If price opens above there and doesn’t fall back below it then there is no call resistance. Should SPY open between 271 and 273 or get below 273 early in the week then it increases the chances of pinning in between those two levels. Other than that, the sky is the limit.

SPY-F: (43 of 63 pins since I began tracking Friday expiration).* The Friday expiration also supports the bulls with not much to see except the high put support at 270. There is currently very little call resistance if the strength in SPY continues. 

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Pinning stuff:

*An explanation as to how I define range pinning can be found here. More information about what pinning is can be found under the education section of my site.

Wednesday 1/03: Failed pin to the upside.

Friday 1/05: Failed pin to the upside.

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