The Steady as She Goes Market – SPY Open Interest

The market is exhibiting very 2013 like behavior. We had a quick correction followed by a V shape reversal and are now consolidating gains through time. Thus far this action is healthy and bullish. If we claim all time highs it will be important to see it backed by several breadth indicators. One indicator I like to use (I pointed it out last week as well) is stocks making 20-day highs. Currently it is lagging, but I won’t become concerned until I see the market make new highs. Hopefully by then it will have made improvements. One thing I will be looking for next week is for the IWM and especially the XLF to play a little catch up.Screen Shot 2014-02-22 at 2.07.31 PM

The SPY open interest for next week is very typical of the weeklies we saw in 2013 that usually led to more upside or at least sideways consolidation. Holding above 183 next week will validate the strength of the market and move us closer to getting new highs. spy.2.21

For weekly open interest on $AAPL $AMZN $FB $GOOG $LNKD $NFLX $PCLN $TSLA and $TWTR see here.

To see open interest for BIDUFSLRSCTY, and SINA, all of which report next week see here.