SPY Options Imply a ±$17 Move Into July 31 — The Chain Says Range, the Charts Say Lower

State Street SPDR S&P 500 ETF Trust, ticker SPY, closed Thursday at 738.28. Hold that number. Everything in this episode is measured against it. Our read into the Friday, July 31 expiration is neutral. The range is the trade this week, not the direction. The strongest evidence is how neatly the positioning boxes the stock in: the chain's heaviest put concentration sits just below the…

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