The SPDR S&P 500 (ARCA:SPY) Put-Call Ratio Rose to 2.01 on Friday
The SPY put-call ratio rose to 2.01 on Friday on another strong rise in open interest. That ratio would normally be high in terms of the long-term average for opex Fridays, but now it’s right at the ratio’s 20 dma.
SPY put volume rose today by 125%. SPY call volume rose by 20%. Neither bulls nor bears are backing down. That makes for perfect conditions for a megaphone.
The CPCI went back up to neutral as well.
But the CPCE, which was already high from Thursday, soared through its upper Bollinger Bands®. With the other two ratios neutral, this would tend to be bullish for Monday.
ES started a new megaphone (likely a bottoming megaphone) after hours after breaking out downwards from today’s megaphone and an afternoon price channel. The SPX closed on its 200 dma looking like a head and shoulders that needs a right shoulder.
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