SPY-M: The best pin for Tuesday is between 420 and 421. If price was able to get over 421 then there is much higher resistance at 423. Under 420 there is just a whole bunch of puts all the way to 416 so it could be a bit of a quick move lower if 420 doesn’t hold well. 
SPY-W: Wednesday’s best pin is currently also 420 to 421, but it’s not as prominent and there is a much wider range from the high 415/416 puts to the 426 calls. There is some smaller calls at 425, but they aren’t yet very relevant. 
SPY-F: The current best pin for Friday is also 420-421, but again it’s not prominent. There is medium put support at 420 and then not much till 415 where it is pretty decent. To the upside there is some medium call resistance beginning at 425. 
Overall thoughts: The bulls did a really good job holding things together all last week and even got price higher, although it didn’t go very far. Because not much changed in terms of the price levels I mentioned last week, the range is still mostly the same. Between 4056 and 4239 is the main range, with then a much more defined range that has expanded just a bit from 4170 to 4218.
Based just on the open interest for next week it seems bulls want to try to keep price over 420 or there is risk of price falling quickly towards 415. Above 420 there is also some resistance, but less so which could pave the way to 425 if bulls make a move.
Of Interest: In all honesty, not much looks great till we know if bulls are ready to make a move or give us more of the same.
SassyPremium 6/1/21
SPY-M: The best pin for Tuesday is between 420 and 421. If price was able to get over 421 then there is much higher resistance at 423. Under 420 there is just a whole bunch of puts all the way to 416 so it could be a bit of a quick move lower if 420 doesn’t hold well.
SPY-W: Wednesday’s best pin is currently also 420 to 421, but it’s not as prominent and there is a much wider range from the high 415/416 puts to the 426 calls. There is some smaller calls at 425, but they aren’t yet very relevant. 
SPY-F: The current best pin for Friday is also 420-421, but again it’s not prominent. There is medium put support at 420 and then not much till 415 where it is pretty decent. To the upside there is some medium call resistance beginning at 425. 
Overall thoughts: The bulls did a really good job holding things together all last week and even got price higher, although it didn’t go very far. Because not much changed in terms of the price levels I mentioned last week, the range is still mostly the same. Between 4056 and 4239 is the main range, with then a much more defined range that has expanded just a bit from 4170 to 4218.
Based just on the open interest for next week it seems bulls want to try to keep price over 420 or there is risk of price falling quickly towards 415. Above 420 there is also some resistance, but less so which could pave the way to 425 if bulls make a move.
Of Interest: In all honesty, not much looks great till we know if bulls are ready to make a move or give us more of the same.
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