Pinned

The S&P-500 up .24% , the Dow -30 up .36%, the NASDAQ 100 down .31% and the Russell 2k down .15% generally equals a flat day, not a follow through day after yesterday. As suspected and mentioned several times, "I don't expect the market to do much today and the reason being can be found in the options chain I posted of the SPY...

Calls and open interest

Puts and open interest...

Just take a quick look at the open interest for both. After Wednesday's decline, any further downside carried a cost as the puts had significantly more open interest then the calls, therefore to cause the maximum number of contracts to expire worthless, yesterday's move was necessary, it apparently got the market right where they wanted it for the maximum pain on a market pin.

There wasn't a move in the market today that would have changed the level in which they needed to move it to yesterday to pin the most contracts and those were on the put side.