Since March 30, the S&P 500 Index ($SPX) (SPY) has risen about 19% over approximately 45 calendar days, which is a remarkable move in such a short period of time. The pink box on the chart below represents an aggregate average of the expected moves of the top 10 holdings in the index, which is effectively “the Magnificent 7 plus 3.”
That totals about a 5% move from the prior month’s standard options expiration on April 17, which is something we pointed out on that day’s episode of Market on Close.
