Last week here I showed the several open interests for SPY expiration and for the most part there was lots of put support. I described what can happen if that put support didn’t hold (delta hedging), but it didn’t come to that as it held and price stayed above. If you were shorting before those puts broke then you probably ended up in a world of pain. That’s why taking the entire picture in – which includes technicals, sentiment and the open interest is important. You ignore one and you get beat up.
If you have not yet subscribed to my weekly freebie you can do so below to get next weeks free trade idea sent to your mailbox Monday morning.
Last week was NFLX and had two different ideas. The first (shorting at the high 320 puts) was a grand slam. At SassyOptions we didn’t take the short at 320, but got in later and took puts from $3.0 to $8.0. We later tried calls, but that one didn’t work out and we gave back $1.71 for those. If you took them both the win covered the loss plus some. The stats for the weekly freebie since I began sending them are as follows:
- 10 wins (I only count wins when they are either big wins or where there was enough time to take profits).
- 2 that didn’t trigger
- 3 scratch trades
- 1 loss
Promotional stuff: If you are a short term trader and under performing or overtrading join us at SassyOptions Premium and take advantage of all its offerings that will help make you a better and more profitable trader. Still plenty of time left to make 2018 amazing. Don’t miss out!
- Full premium service includes all day commentary, open interest and technical analysis on ‘in-play’ momentum stocks. Real time trade alerts through my exact entries and exists (meaning I can’t hide behind vague alerts without telling you what price I paid or sold at).
- Weekly Open Interest and Strategy Post – Open interest and technical analysis for AAPL, AMZN, BABA, FB, GS, GOOGL, NFLX, TSLA for this coming week. This does not include my private twitter with exact trade alerts or any updates during the week. This is more an idea based post that you use to trade on your own.
Open Interest: If you want more information on how to read the high calls and puts in the open interest see here.
SPY-M: (4 of 5 for pins since Monday expiration inception).* Monday’s expiration is very straightforward. There are high puts at 262 so that level should hold on any pullback. If price gets and holds under it then all bets are off, but for now it should be given the benefit of the doubt. There is no resistance on the call side so price has tons of room higher based just on the open interest.
SPY-W: (60 of 81 pins since Wednesday expiration inception).* The Wednesday expiration is basically the same as Monday’s. Any pullback to 262 should hold. There is small call resistance act 271, but for now it’s not very meaningful so price has tons of upside room to rally. 
SPY-F: (47 of 74 pins since I began tracking Friday’s).* Friday’s expiration has good put support from 263 to 265. Given that price closed below there on Friday bulls want to see price gap over 265 on Monday or get above those puts early in the week. If price can hold over 265 then there is plenty of room higher till the call resistance at 272. If price opens between 263 and 265 or under 263 and stays below, then it has room to drop till hitting the 259 to 260 puts (but don’t forget there is still the Monday and Wednesday high puts at 262). Under the 259/260 area things can really get ugly considering how many times SPY tested that area last week.
Pinning Stuff:
*An explanation as to how I define range pinning can be found here. More information about what pinning is can be found under the education section or here.
Monday 3/26: Successful pin.
Wednesday 3/28: Failed pin – although there was no great pin here, but aa little higher would have been better.
Friday 3/29: Successful pin. 
Tags: maxpain, open interest, option trading, options expiration, options pin, pinning, S&P 500, SPX, spy
SPY Monday, Wednesday and Friday Open Interest
Last week here I showed the several open interests for SPY expiration and for the most part there was lots of put support. I described what can happen if that put support didn’t hold (delta hedging), but it didn’t come to that as it held and price stayed above. If you were shorting before those puts broke then you probably ended up in a world of pain. That’s why taking the entire picture in – which includes technicals, sentiment and the open interest is important. You ignore one and you get beat up.
If you have not yet subscribed to my weekly freebie you can do so below to get next weeks free trade idea sent to your mailbox Monday morning.
Last week was NFLX and had two different ideas. The first (shorting at the high 320 puts) was a grand slam. At SassyOptions we didn’t take the short at 320, but got in later and took puts from $3.0 to $8.0. We later tried calls, but that one didn’t work out and we gave back $1.71 for those. If you took them both the win covered the loss plus some. The stats for the weekly freebie since I began sending them are as follows:
Promotional stuff: If you are a short term trader and under performing or overtrading join us at SassyOptions Premium and take advantage of all its offerings that will help make you a better and more profitable trader. Still plenty of time left to make 2018 amazing. Don’t miss out!
Open Interest: If you want more information on how to read the high calls and puts in the open interest see here.
SPY-M: (4 of 5 for pins since Monday expiration inception).* Monday’s expiration is very straightforward. There are high puts at 262 so that level should hold on any pullback. If price gets and holds under it then all bets are off, but for now it should be given the benefit of the doubt. There is no resistance on the call side so price has tons of room higher based just on the open interest.
SPY-W: (60 of 81 pins since Wednesday expiration inception).* The Wednesday expiration is basically the same as Monday’s. Any pullback to 262 should hold. There is small call resistance act 271, but for now it’s not very meaningful so price has tons of upside room to rally.
SPY-F: (47 of 74 pins since I began tracking Friday’s).* Friday’s expiration has good put support from 263 to 265. Given that price closed below there on Friday bulls want to see price gap over 265 on Monday or get above those puts early in the week. If price can hold over 265 then there is plenty of room higher till the call resistance at 272. If price opens between 263 and 265 or under 263 and stays below, then it has room to drop till hitting the 259 to 260 puts (but don’t forget there is still the Monday and Wednesday high puts at 262). Under the 259/260 area things can really get ugly considering how many times SPY tested that area last week.
Pinning Stuff:
*An explanation as to how I define range pinning can be found here. More information about what pinning is can be found under the education section or here.
Monday 3/26: Successful pin.
Wednesday 3/28: Failed pin – although there was no great pin here, but aa little higher would have been better.
Friday 3/29: Successful pin.
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Tags: maxpain, open interest, option trading, options expiration, options pin, pinning, S&P 500, SPX, spy