Zero Dated Options Activity & Intraday Action - 4/3/24

I am back in the office from Florida, backside of a swim meet, and wanted to get some comments out about today’s action. Comments will be directed to the intraday action and Zero Dated Options Activity.

First on intraday action the pre-,market was weak with the S&P 500 opening at 5194.37 from a close on Monday at 5205.87. The S&P 500 then ripped on the March Non-ISM Manufacturing Index number that was weaker than expected at 51.40% from estimates of 53% and last month’s 52.60%. However, since then it has moved into a range of 5229 to 5214. Still up for the day but unable to advance beyond 5229. On a scale of 1 to 10 for the Bulls a 5.5.

In terms of Zero Dated Options, on the call side the 518, 519, 520, 521 and 522 strikes have trade above 100,000 contracts. The put side sees the 517,518, 519, 520 and 521 strike having trade above 100,000 contracts. Most active has been the 521 Call and the 520 Put so it looks like we will close somewhere between 520 and 521.