Upside Opens Up Ahead of CPI, Downside Risk Diminishes
@OptionsBB：
Previous U.S. data releases showed persistently elevated inflation, leading markets to price in a slower pace of Fed rate cuts this year. Meanwhile, comments from Fed Chair Powell later on became the focus.Options market data suggested a more positive view on the S&P 500, with institutional positioning for the index to hold above 520 through June 14 expiration. Upside room continued to open up in QQQ. For the small-cap Russell 2000, there was room left for a 2.4% rally this week, while expectations capped downside below 2.4% by June 21.Details:The $SPDR S&P 500 ETF Trust(SPY)$ saw open call interest decline -0.3% over the past 5 days. Open put contracts rose 0.6% over the same period.For call options, investors sold the most