The SPDR S&P 500 (ARCA:SPY) put-call ratio basically moved sideways today on a tiny rise in open interest, which is still at the low end of the normal range.
SPY put volume rose by 270%. SPY call volume rose by 270% as well.
Perfect conditions for a protracted sideways move across the falling megaphone on the ES chart.
The SPY put-call ratio remains high in terms of the long-term average, and well above its 20 dma, which has been steadily rising since early January.
But we’re still a week away from OpEx week, so the effect may be delayed.
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