Zero Dated Options & Intraday Action -3/27/24
Well, yesterday’s comments about narrow action did not play into the close as SPY traded from $520.85 to $518.66 between 3:00 and 4:00 p.m. EDT.
Then overnight SPY hit its low at 4:05 p.m. EDT yesterday and traded from $519.02 to the open today at $521.71. That was the high for today and the low so far is $519.48. This is rather bizarre action and rarely do we see such a pattern. As we move into the last hour SPY is at $520.41.
Today SPY 520, 521 and 522 Calls have traded more than 100,000 contracts. On the put side, the 518, 519, 520 and 521 Zero Dated Options have trade above 100,000 contracts.
Expect the unexpected tomorrow as money is rebalanced which means money is coming out of Large Cap and going into Mid Cap and Small Cap. No comments tomorrow as I am off to Florida for my son’s swim meet that started today.