SPY Sees $3.7M September Calls and $9.3M October Calls, $9M October $552 Calls Amid Bullish Trading Activity

On July 22, 2024, significant trading activity was reported for the SPDR S&P 500 ETF Trust (SPY), with notable call options purchases indicating bullish sentiment. A total of $3.7 million in out-of-the-money calls for September were executed, alongside a substantial $9.3 million at-the-money call purchase for October, both executed above the ask price. Additionally, large buyers acquired 5,000 October $552 calls at prices between $18.35 and $18.40, totaling over $9 million. A complex hedge involving a put butterfly spread was also noted, with a net outlay exceeding $700,000. Market analysts observed a potential cup breakout setup for SPY and QQQ, although recent price action showed rejections at breakout pivots. As of the close on July 22, the SPY was closely monitored for support levels, with predictions suggesting a price target of 5,450 for the S&P 500 index (SPX) in the near term.