S&P 500’s Late Bounce Came on Extreme Volume in Futures Market

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S&P 500’s Late Bounce Came on Extreme Volume in Futures Market

Bloomberg2021-09-21

Option trading also seen as fueling the intraday recovery Benchmark pares a 2.9% loss as JPMorgan urges dip buying The late-afternoon bounce in U.S. stocks came amid a trading frenzy in the futures ...

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Slee49
·2021-09-21
Good read
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  2021-09-21
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Mb76
·2021-09-21
K
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MrHappy
·2021-09-21
Buy!
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Meanwhile, options traders who piled into one-day puts on the index, which goes by ticker SPX, removed pressure in the market by closing out those positions. A similar thing happened with options on the biggest exchange-traded fund that tracks it, or SPY.\n\n“There may have been institutional dip buying as several banks were pushing this as a buying opportunity and I also think monetization of 1-day SPX and SPY puts that were bought in the morning and sold by the close, which contributed to end of day rally,” said Danny Kirsch, head of options at Cornerstone Macro LLC.\nBuying the dip had been a reliable strategy in 2021 up until Monday. In every month except April, the S&P 500 dipped to its 50-day average before bouncing back almost immediately. It fell below that level Friday and stayed below it Monday. 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