The SPDR S&P 500 (ARCA:SPY) put-call ratio rose to 1.63 on Monday on a 27% drop in open interest. This kind of huge drop in open interest immediately after triple witching week is common. It’s often associated with a bit of a sideways move before a larger correction.
The ratio is now slightly above its long-term average of 1.50, while still below its 20 dma, which had been moving up since early January.
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