SPY opened December 26 at 690.38 with 469 million contracts at that price level, the highest positioning ever recorded. A break above 691 targets 692-695, while dropping below 689 signals a pullback to 687. Max pain sits at 684, six points below current price.
SPY is opening today sitting on the biggest level ever recorded on the chart. SPY closed at 690.38 on Christmas Eve. Markets were closed yesterday and resumed today. These are the decision levels. Above 691 opens a major breakout toward 692 to 695. Below 689 risks a pullback to 687. We're sitting right on 690.38, the biggest positioning ever recorded, at 469 million. Just above is 691 with 121 million, and just below is 689 with 99 million. Both the number 1 and number 2 levels, 690 and 691, are pointing in the same direction, which creates upward pressure. Below price, 689 is the first floor, with strong support at 687. Max pain sits down at 684, over 6 points lower, adding to the upward bias. Expect choppy pin action around 690 early. A break and hold above 691 opens 692 to 695. Lose 689 and price pulls down toward 687.
