The SPY put-call ratio closed Friday at 1.27. That’s unusually low for an opex Friday.
During opex week that would be bearish for the next day. Outside of opex week, the ratio can get more extreme before you see the effect.
For example, we would often see the ratio get close to its lower Bollinger Band® before the SPY price moved down.
The ratio dropped on a solid rise in open interest. SPY put volume was almost changed, at a high level. But SPY call volume rose by 66%. That jump makes some kind of down move more likely.
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