Heading into FOMC, I shared with my premium Substack subscribers on Monday that we should expect sideways until the end of the week as our SPY fractal suggested, and it did not disappoint. The market took both bulls and bears on a roller coaster ride and finished at the same place where the asset began on the week - right at ~$510.
Is this the end of the ride? I fear not. In the last ~30 minutes heading into the market close on Friday, roughly $3.3million of out-of-the-money (OTM) puts came in above ask at a narrow range. Based on the option flow and fractal, the roller coaster will likely continue.
Lets review both the option flow and fractal.