SPY - options expiration this Friday

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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             124.65
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The market did hold support at the levels mentioned and also hold above 120 key support mentioned. Options expirations are important levels, far more important than calendar month-ends from my perspective. People establish positions with the strike prices of the options in their minds and then track and manage their positions based on the strike prices. This is what gives each strike price an important "market memory" level.
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