It’s been a couple of weeks since I’ve posted, but in the meantime I have tweeted the weekly open interest for SPY charts and continue to keep track of them which you can view at the bottom.
Open Interest:
SPY-W: (35 of 43 pins since Wednesday expiration inception). Taken at face value this open interest is bullish as there is definite put support at 240 and just slight call resistance at 243.5/244. This suggests that SPY will remain above 240 and has a chance to rally to at least 243.5 without facing call resistance. Furthermore, if the market is strong it can easily overcome the current call resistance seeing as it is so small.
SPY-F: (29 of 37 pins since I began tracking Friday’s). This is also bullish in that there is put support at many strikes starting at 242 and at the moment minuscule call resistance. This doesn’t mean SPY will rally, but if it does this is one of the first times in a while there is practically no call resistance (at least not yet). With that said, should SPY get below the 240 put strike it could run straight to the 238 level and delta hedging could push it under 237 easily (traders should watch intra-day breadth measures to determine how likely that scenario would be); In general, that scenario is the exception not the rule and this open interest should first be viewed as notably bullish. 
Promotional stuff: If you’ve been struggling in this market or just want to learn how to incorporate open interest and technical analysis to trade the overall market and momentum stocks consider joining one of SassyOptions Premium services.
- Full premium service includes all day commentary, open interest and technical analysis on ‘in-play’ momentum stocks, and real time trade alerts through my exact entries and exists (meaning I can’t hide behind vague alerts).
- Weekly Open Interest and Strategy Post – Open interest and technical analysis for how to trade AAPL, AMZN, BABA, FB, GS, GOOGL, NFLX, TSLA for this coming week. This does not include my private twitter, exact trades or any other updates.
Pinning stuff:
*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.
Since I began officially tracking 10 months ago Wednesday has seen an 81% pin track record while Friday’s has been 78%.
Wednesday 7/05 : Successful pin. 
Friday 7/07 : Successful pin. 
Tags: breadth indicators, day trading, delta hedging, max pain, open interest, option trading, options, pinning, S&P 500, SPX, spy, stock market, stocks
Next Weeks Open Interest Favors Higher Prices
It’s been a couple of weeks since I’ve posted, but in the meantime I have tweeted the weekly open interest for SPY charts and continue to keep track of them which you can view at the bottom.
Open Interest:
SPY-W: (35 of 43 pins since Wednesday expiration inception). Taken at face value this open interest is bullish as there is definite put support at 240 and just slight call resistance at 243.5/244. This suggests that SPY will remain above 240 and has a chance to rally to at least 243.5 without facing call resistance. Furthermore, if the market is strong it can easily overcome the current call resistance seeing as it is so small.
SPY-F: (29 of 37 pins since I began tracking Friday’s). This is also bullish in that there is put support at many strikes starting at 242 and at the moment minuscule call resistance. This doesn’t mean SPY will rally, but if it does this is one of the first times in a while there is practically no call resistance (at least not yet). With that said, should SPY get below the 240 put strike it could run straight to the 238 level and delta hedging could push it under 237 easily (traders should watch intra-day breadth measures to determine how likely that scenario would be); In general, that scenario is the exception not the rule and this open interest should first be viewed as notably bullish.
Promotional stuff: If you’ve been struggling in this market or just want to learn how to incorporate open interest and technical analysis to trade the overall market and momentum stocks consider joining one of SassyOptions Premium services.
Pinning stuff:
*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.
Since I began officially tracking 10 months ago Wednesday has seen an 81% pin track record while Friday’s has been 78%.
Wednesday 7/05 : Successful pin.
Friday 7/07 : Successful pin.
Share this:
Tags: breadth indicators, day trading, delta hedging, max pain, open interest, option trading, options, pinning, S&P 500, SPX, spy, stock market, stocks