$SPY sitting 34 cents below the record close with an hour left. $778.75, up 0.62%. Every metric improved since 10AM — options surface jumped from +$414M to +$1.78B, composite lean bullish at +25.4, premium skewed 75% calls, net premium at +$734M.
The pin is real. $780 holds +$704M of positive gamma, $779 carries +$313M, $778 another +$292M. That's $1.3B of dealer cushion within $1.25 of price. Dealers sell strength, buy weakness around these strikes. Price is magnetized, and $779.09 — the record close — sits dead center.
The catch: +$1.32B of that $1.78B surface expires at 4PM today. $545M of the $780 strike vanishes at the bell, along with nearly all of $778 and $779. The pin holds until close, then Monday opens with a much thinner cushion.
One warning: skew widened to +2.3 points, put IV at 14.2% vs call IV 11.8%. Calls are getting cheaper while protection gets more expensive. Someone is hedging the weekend.
The week: last Friday $769.64, now $778.75, up 1.18%. $774.64 is support, $779.09 is the record close, $780 is the magnet. 34 cents to go, one hour left, and the biggest magnet on the board is a dollar above.
The pin is real. $780 holds +$704M of positive gamma, $779 carries +$313M, $778 another +$292M. That's $1.3B of dealer cushion within $1.25 of price. Dealers sell strength, buy weakness around these strikes. Price is magnetized, and $779.09 — the record close — sits dead center.
The catch: +$1.32B of that $1.78B surface expires at 4PM today. $545M of the $780 strike vanishes at the bell, along with nearly all of $778 and $779. The pin holds until close, then Monday opens with a much thinner cushion.
One warning: skew widened to +2.3 points, put IV at 14.2% vs call IV 11.8%. Calls are getting cheaper while protection gets more expensive. Someone is hedging the weekend.
The week: last Friday $769.64, now $778.75, up 1.18%. $774.64 is support, $779.09 is the record close, $780 is the magnet. 34 cents to go, one hour left, and the biggest magnet on the board is a dollar above.