Last week here I gave the basic SPY call and put parameters. Both Wednesday and Friday SPY did what it does best….pinned. Onto next week:
Open Interest:
SPY-W: (43/54 since Wednesday expiration inception).* The current best pin is between 249.5 and 250, but can easily change if there is decent price movement early in the week. The main put support isn’t until 247; so should SPY have a large move lower, you can expect 247 to support it at least until Wednesday expiration. To the upside there isn’t much call resistance to stop a rally if SPY is strong, however…..see below. 
SPY-F: (34/48 since I began tracking Friday’s).* Unlike the Wednesday open interest, Friday does have a lot of call resistance from 249 through 252. If SPY is able to remain over 249 and is strong then it can probably push through the 250 and 251 calls, but 252 will likely act as fairly heavy resistance. If SPY gets below 249 next week then the longer it holds under, the harder it will be to rally later in the week because more calls will likely be added. There is some small put support at 248 and 249, but if the market is weak it won’t be enough to hold price up and there really isn’t any other puts to help until the 240 strike. 
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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.
Wednesday 9/20: successful pin. 
Friday 9/22: successful pin. 
Tags: day trading, max pain, open interest, option trading, options, options expiration, pinning, S&P 500, SPX, spy
Open Interest for the Last Week of September
Last week here I gave the basic SPY call and put parameters. Both Wednesday and Friday SPY did what it does best….pinned. Onto next week:
Open Interest:
SPY-W: (43/54 since Wednesday expiration inception).* The current best pin is between 249.5 and 250, but can easily change if there is decent price movement early in the week. The main put support isn’t until 247; so should SPY have a large move lower, you can expect 247 to support it at least until Wednesday expiration. To the upside there isn’t much call resistance to stop a rally if SPY is strong, however…..see below.
SPY-F: (34/48 since I began tracking Friday’s).* Unlike the Wednesday open interest, Friday does have a lot of call resistance from 249 through 252. If SPY is able to remain over 249 and is strong then it can probably push through the 250 and 251 calls, but 252 will likely act as fairly heavy resistance. If SPY gets below 249 next week then the longer it holds under, the harder it will be to rally later in the week because more calls will likely be added. There is some small put support at 248 and 249, but if the market is weak it won’t be enough to hold price up and there really isn’t any other puts to help until the 240 strike.
Promotional stuff: If you are a short term trader and have been struggling or you just want to up your game and learn how to incorporate open interest and technical analysis then you want to join 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.
Wednesday 9/20: successful pin.
Friday 9/22: successful pin.
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Tags: day trading, max pain, open interest, option trading, options, options expiration, pinning, S&P 500, SPX, spy