SPY-M: Monday’s expiration shows very good put support at 274 and then not much else of importance. Best pin based on where price closed Friday would be 278, but as you can see there is plenty of room in both directions. SPY-W: Wednesday’s expiration currently shows the best pin between 274 and 279; however, there...
SPY-M: Although there are high calls at 275 because of the high puts at 276 I would first think that price should close over 276 on Monday. However, if price does get and hold under 276 then it could easily also head under 275. To the upside if price is able to hold over the...
SPY-M: 271 has a lot of high calls so the assumption would be that price does not close over that price come Monday expiration. If, however, price opens above there or gets above there after the open and breadth remains strong then those calls will likely just add to the strength instead of hinder it. ...
Breadth: Things can still go higher or base sideways, but it is important to note we are hanging in overbought territory. SPY-M: Monday’s expiration doesn’t have a perfect pin, but it does suggest that price likely won’t close over 272 because of the high calls that start there. If price stays above 270 then 271’ish...