I’ve been on vacation for a bit, but I just got back so here is a very quick post for next week.
Open Interest:
SPY-W: (33 of 41 pins since Wednesday expiration inception).* This open interest is more bullish and currently suggests a pin of 234 to 244. With that said, there is very little call resistance so that pin can easily change and a rally would have no resistance if new highs were made. There is small support at 243 and then larger support at 240.
SPY-F: (27 of 35 pins since I began tracking Fridays).* Contrast this to the above and this is more bearish with a current best pin of 243.5 and lots of call resistance beginning at 245. There is some put support starting at 243, but it’s not as strong as the call resistance. Thus, if SPY is able to rally early in the week and this open interest does not shift then there is a decent chance SPY will pullback before Friday’s expiration. If the OI can shift on an early rally then 247 and 250 are the only high call resistance levels left. Under 240 and there isn’t much put support. 
For much more through analysis of stocks with momentum (not just SPY) as well as all day intraday market commentary and real time trade alerts, where SassyOptions premium has been killing it, come join us.
*An explanation as to how I define pinning can be found here. More information about what pinning is can be found under the education section of my site.
Wednesday 6/21 : Successful pin. 
Friday 6/23: Successful pin. 
Tags: day trading, max pain, open interest, option trading, options, SPX, spy, stock market
Bullish Open Interest Wednesday, But Less so For Qtr/Month End
I’ve been on vacation for a bit, but I just got back so here is a very quick post for next week.
Open Interest:
SPY-W: (33 of 41 pins since Wednesday expiration inception).* This open interest is more bullish and currently suggests a pin of 234 to 244. With that said, there is very little call resistance so that pin can easily change and a rally would have no resistance if new highs were made. There is small support at 243 and then larger support at 240.
SPY-F: (27 of 35 pins since I began tracking Fridays).* Contrast this to the above and this is more bearish with a current best pin of 243.5 and lots of call resistance beginning at 245. There is some put support starting at 243, but it’s not as strong as the call resistance. Thus, if SPY is able to rally early in the week and this open interest does not shift then there is a decent chance SPY will pullback before Friday’s expiration. If the OI can shift on an early rally then 247 and 250 are the only high call resistance levels left. Under 240 and there isn’t much put support.
For much more through analysis of stocks with momentum (not just SPY) as well as all day intraday market commentary and real time trade alerts, where SassyOptions premium has been killing it, come join us.
*An explanation as to how I define pinning can be found here. More information about what pinning is can be found under the education section of my site.
Wednesday 6/21 : Successful pin.
Friday 6/23: Successful pin.
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Tags: day trading, max pain, open interest, option trading, options, SPX, spy, stock market