Why The SPDR S&P 500 Could Rally Into The Weekend

On CNBC's "Options Action," Bonawyn Eison spotted some unusual activity in SPDR S&P 500 ETF Trust SPY on Wednesday.

There was a buyer of 100,000 of the September weekly 395 calls at an average price of $2.50 per contract, Eison said. Traders expect SPDR S&P 500 to rally into Friday’s close, he added.

Pre-IPO Offer: Get A Piece Of A Nearly $5T Global Opportunity By Joining BOXABL As An Early Shareholder At Just $0.80/Share

• Massive Demand & Disruptive Potential – Boxabl has received interest for over 190,000 homes, positioning itself as a major disruptor in the housing market.
• Revolutionary Manufacturing Approach – Inspired by Henry Ford’s assembly line, Boxabl’s foldable tiny homes are designed for high-efficiency production, making homeownership more accessible.
• Affordable Investment Opportunity – With homes priced at $60,000, Boxabl is raising $1 billion to scale production, offering investors a chance to own a stake in its growth.

Share Price: $0.80

Min. Investment: $1,000

Valuation: $3.5B

Click Here To Invest For Just $0.80/Share ($1000 Min)

Check out other assets making moves in the premarket.

“This looks like a bullish call but if you look at the open interest, it’s about 150,000,” Eison stated. “Most of these trades are actually risk-reducing or closing risk,” he further mentioned.

SPY Price Action: The SPDR S&P 500 gained 0.38% to settle at $394.60 on Wednesday.