$SPY just printed a new all-time high at $780.20, up 0.69%, and it's holding into the final hour. The old intraday record was $779.30. The record close is $777.88 from August 13 — we're $2.32 above that with under an hour left.
Options surface flipped hard: +$1.24B at 10AM to +$1.95B at 3PM, the strongest since the August record week. Composite went from -12.8 to +27.0. Engine from -2M to +27M. Premium is 60% calls, $376M net. Opening flow was calls 10.6:1, puts 6.8:1.
The put skew we flagged this morning — puts priced 6.3 points over calls — faded to 1.8. It did not hold.
The magnets:
$780 (+$584M) is right at price. Biggest strike near the money since August highs.
$785 (+$616M) is the largest on the board.
$781 (+$188M), $782 (+$121M), $783 (+$127M) stack between them.
With nearly $2B of positive gamma, dealers are buying dips and selling rips. Expect price to stick close to $780 into the close. Below, nothing meaningful until $775.
The receipts:
September 10, $SPY $757: called all-time highs around the week of October 5.
October 2: $QQQ record.
October 6: S&P futures record before the open. $SPY record after it.
Cold PPI signal, day 18 of 20: $SPY +2.95% from the September 10 close. Historical average is +1.22%. Two sessions left.
$775 is support. $780.20 is price. $780 is the pin. $785 is the biggest magnet.
New high. Holding it. A close above $777.88 makes it a record close.
Options surface flipped hard: +$1.24B at 10AM to +$1.95B at 3PM, the strongest since the August record week. Composite went from -12.8 to +27.0. Engine from -2M to +27M. Premium is 60% calls, $376M net. Opening flow was calls 10.6:1, puts 6.8:1.
The put skew we flagged this morning — puts priced 6.3 points over calls — faded to 1.8. It did not hold.
The magnets:
$780 (+$584M) is right at price. Biggest strike near the money since August highs.
$785 (+$616M) is the largest on the board.
$781 (+$188M), $782 (+$121M), $783 (+$127M) stack between them.
With nearly $2B of positive gamma, dealers are buying dips and selling rips. Expect price to stick close to $780 into the close. Below, nothing meaningful until $775.
The receipts:
September 10, $SPY $757: called all-time highs around the week of October 5.
October 2: $QQQ record.
October 6: S&P futures record before the open. $SPY record after it.
Cold PPI signal, day 18 of 20: $SPY +2.95% from the September 10 close. Historical average is +1.22%. Two sessions left.
$775 is support. $780.20 is price. $780 is the pin. $785 is the biggest magnet.
New high. Holding it. A close above $777.88 makes it a record close.
