It would appear that there plenty of put option owners starting at 122 and therefore there is support there. With 3 expirations at the 121, 124, 122 in Sep-Oct-Nov, there should be plenty of support at those levels too. A good trade may be to sell the 120 puts that expire on Friday against buying 119 or 118 puts for a credit.
By: Technical TIm 9:49AM EST
Mon, Dec 12, 2011 SPY