Triple Witching? More Like Minor Triple Witch

$SPY$

Pressure on the broad market remains significant ahead of the January 16th monthly options expiration, exerting a dampening effect across various sectors. Overall, the outlook remains bullish after this week. However, this week SPY is likely to pull back towards 680, probably closing within the 680-690 range.

Notably, during Tuesday's session, someone opened a large position buying 20,000 contracts of the January 23rd expiry VXX 30.5 call $VXX 20260123 30.5 CALL$ , with a notional value of approximately $700,000. The timing of the order was exceptionally precise.

$NVDA$

I'm now convinced that the volatility during the January monthly options expiration week is more unpredictable than during a regular triple witching week. After failing to break 190 during Tuesday's session, the price pulled back. A sizable bearish order was placed, buying the January 23rd expiry 177.5 put $NVDA 20260123 177.5 PUT$ . It's advisable to watch the timing of its closure.

Overall, based on put option activity, 180 remains a fiercely defended level.

$TSLA$

Currently, it appears Tesla will staunchly defend the 440-445 range over the next couple of months. Consider selling puts on dips: $TSLA 20260116 425.0 PUT$ 

$INTC$

The large order for the $INTC 20260618 60.0 CALL$  saw an additional 7,313 contracts opened at Tuesday's open, with the majority of the trades being buys.

$SLV$

Difficult to assess. The stock price is far ahead of the option positioning. Currently, 80 appears to be the new anchoring point, with significant straddle positions opened at this level.

$GOOG$ $GOOGL$

One of the strongest performers in the current market, very suitable for selling puts. Consider a strike price below 320: $GOOGL 20260123 320.0 PUT$