Daily Update - 3/30

SPX

Reporting Update

No updates tonight!

Spread

Upside

• Implied ceiling is way up at 6425 on T1, but could be much higher on a pump

• Looking ahead to month-end, we can see an interesting gap

  • 6495 - 6455 is something to watch (first time this report has gone through this)

Downside

• Implied floor is 6305, but much like the upside, the downside is probably further down in the 6240 range

• Thursday is looking interesting with 6340 being the start of T2 (we’ll see how that develops)

Max

• Max is loving Puts again with a decent downside bias

• Short Loss shows up at 6430, but nothing to the downside (risk is on)

Position

• The view below is Firm/Broker Puts only

  • Again, Firm/Brokers are holding more Long Puts than Short

  • Implying that downside moves remain profitable for them

• Below is Firm/Broker Call positions only

  • See anything missing?

  • Outside of short-term contracts, there really isn’t much out there

  • Implies that Firm/Brokers are not buying Calls to close this month

Enjoy -

-Sterling