Last week here I said that SPY was likely to make a new high and showed the resistance and support areas for SPY’s Wednesday and Friday’s expiration. Both expirations pinned fairly well, which is no surprise given the slow nature of the move.
SPY is likely to make another new high again in the next couple of weeks, but the real money making moves have been in individual stocks. If you have been missing out consider joining my service, which you can read more about below.
SPY-W: (46 of 60 pins since Wednesday expiration inception). Based on where price currently closed on Friday, the current best pin is between 258 and 259 with some put support at 257/257.5. Under that level there is much better put support at at 255 (thus any dip below there offers a good risk to reward long trade). To the upside there is small call resistance at 260 and not much else.
SPY-F: (37 of 54 pins since I began tracking Friday’s). The current best pin for Friday’s expiration is between 257 and 258. There is some small put support at 257 and much larger support at 255 (similar to Wednesday’s expiration). To the upside there is call resistance from 258 to 260, with the most being at 260. If price begins to trade at or over 260 there will likely be some shift in this open interest, but regardless, 260 should be considered resistance because of both the calls and that round numbers tend to be psychological resistance levels.
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Wednesday 11/1: Successful pin.
Friday 11/3: Successful pin. Could have been more perfect, but looks good enough for me.