Still flirting with the 61.8% Fib Retrace Level but lower Implied Volatilities

This week in the SPY we saw a gain of 3.37%, bringing us back up to re-test the major 61.8% Fib retrace level. This new re-test is occurring as Implied Volatilities across the board are trending down (lower highs and lower lows).

SPY Weekly Options Performance

In the 7 DTE option chain the biggest %gain was observed in the .4 delta call option, with a 93% gain. 100% loss was seen in the .1 delta call option and all put options down to -0.7 delta.

Solid green emerged on Friday, a positive sign

The US Market summary spent Monday-Thursday in mixed condition (Yellow and Green) and turned all green on Friday, a positive sign.

The %B Migration Report Shows Healthy S&P1500 breadth

The % B Bucket Migration report show a healthy profile with 78% of stocks above their mid Bollinger Band and most stocks in the .9 bucket (upper 10% of Band).

% Gains for the week across various categorizations

This week saw a return to more normal behavior, with higher ranked stocks (across various rankings) showing higher gains. Compare this to last week where the lowest ranked stocks outperformed.


This week was more constructive in the markets with SPY volatility coming off and multiple US Market indexes working their way into green territory. If just looking at those reports the markets seem to be poised to move higher. However there is still major resistance at the 61.8% Fibonacci retracement level. Watch to see if the level proves once more to be a turning point or whether the market can overcome this hurdle and progress further.