State Street SPDR S&P 500 ETF Trust
ARCASPY enters the back half of September with the short-covering wave that defined August now visibly losing momentum — and a borrow market that is quietly tightening. The covering story has not reversed, but it has paused. Short interest held roughly flat this week, edging from 81.1 million shares on September 11 to 81.8 million by September 15 — barely a 0.9 million share pickup…
SPY cost to borrow surges 127% in one week to 0.35%, marking a sharp reversal from the ultra-loose borrow market that dominated late July.
A new long-form analysis for SPY this week — anomalies vs the company's own history, peer comparisons, news context, and the full data picture. Premium subscribers only.
Read on ORTEX →Sign up for premiumSPY enters the back half of September with the short-covering wave that defined August now visibly losing momentum — and a borrow market that is quietly tightening. The covering story has not reversed, but it has…
Snapshot as of 19 Sept 2026
SPY enters September with one of its cleaner reversals of the past month: the extreme defensive positioning that defined late August has unwound almost entirely, even as the ETF dips modestly from its record highs. The…
SPY ends the week with the most striking divergence of the past month: options traders have just pushed defensive positioning to a fresh 52-week extreme, even as the short base quietly shrinks and the borrow market…
SPY closed Tuesday at $767.45, down 0.7% on the day and 0.4% on the week — and the options market just sent its loudest warning signal of the past year. The put/call ratio is the story this week, and the magnitude of…
SPY slipped just 0.1% on the week to $770.56, but the real story is a sharp escalation in hedging demand that now sits closer to the year's extreme than at any point since late June. The options market is the standout…
SPY gained 4.1% on the week to close at $771.33 — its sharpest weekly advance in months — yet the options market is now more defensively positioned than it has been all year. The options signal is the standout this…
SPY enters the final stretch of July with a clean split between two positioning signals: short sellers have largely finished their post-ceasefire exit, and options traders are now carrying the defensive flag on their…
Options traders turned sharply defensive on Tuesday. SPY put-call ratio jumped to 1.99 — a z-score of 2.14, the highest in weeks. That's happening even as the short sellers who drove the prior cycle have nearly…
SPY closes the week of July 20 in an awkward middle ground: short sellers who rebuilt positions on the Iran escalation are neither adding nor covering meaningfully, while options traders have nudged back toward…
SPY enters mid-July with a notable split: short sellers have pulled back from last week's Iran-driven rebuild, while options traders have swung sharply in the opposite direction — toward the most defensive posture in…
Short interest updated daily, real-time options flow, analyst consensus deltas, 13F positioning, ORTEX Alpha signals, and every article ORTEX publishes for SPY — free to start on ORTEX.
Sign up for free →Open SPY on ORTEX