To The Moon

$SPDR S&P 500 ETF Trust(SPY)$

A week of major pullback. SPY target remains the same as last week — looking at 710–720.

Speaking of which, here's something interesting: software ETF saw a massive bullish (expiration-day) call order last Friday. This week's 88 call $IGV 20260731 88.0 CALL$ opened 100,000 contracts — that's $20 million spent on weekly options. And it actually rose on Monday. So can we chase IGV? Naturally, no. Currently, semiconductors and software are seesawing — the reason is that sentiment has temporarily shifted toward the software sector, which has richer cash flows.

Notably, IGV's top holding is Microsoft. There is broad consensus that this week's earnings will disappoint, but unexpectedly, the stock rallied again on the back of IGV's momentum — even though Microsoft's cash flow outlook is hardly optimistic. In any case, if the S&P pulls back sharply this week, IGV won't be spared either.

$SK hynix(SKHY)$

I thought last week that selling the 120 put $SKHY 20260731 120.0 PUT$  was a good deal, but at this point, the worst-case scenario this week could even see a pullback to 110. Of course, that's from a bearish opening perspective.

On the flip side, the bullish extremes are also notable — buying long-dated 190 calls $SKHY 20260918 190.0 CALL$ $SKHY 20260814 190.0 CALL$  . However, one cannot ignore that Hynix already signed its long-term major supply contracts last Friday. A blowout black-swan rally may not come as quickly as imagined — unless, in just three short months, AI commercial software replacement solutions make leaps and bounds.

In other words, the 190–200 range remains the strongest resistance level for the next two months or so.

NVIDIA(NVDA)NVIDIA(NVDA)

NVIDIA's uptrend has broken down again, returning to consolidation around the 190 area. If the broader market pulls back to 720 this week, a drop to the 185–190 range is not off the table — and that would present a good Sell Put opportunity.

Intel(INTC)Intel(INTC)

After last week's earnings, the mid-term bullish call position rolled from the 155 strike $INTC 20260918 155.0 CALL$to the 135 strike $INTC 20260918 135.0 CALL$. Today the stock continued its pullback, and options flow scanning shows further rolling from 135 to the 120 strike $INTC 20260918 120.0 CALL$. In the coming week, as the stock bottoms out, price action will most likely consolidate in the 80–90 range.

SpaceX(SPCX)SpaceX(SPCX)

Still a long way from any meaningful rally — no sign whatsoever of bouncing back above the 5-day moving average. However, something worth noting: this week's 145 call $SPCX 20260731 145.0 CALL$ opened 22,000 contracts (buy-side). Rather than interpreting this as an impending unexpected positive catalyst, it's more accurate to say that short sellers themselves can become the powder keg for an upside squeeze.

This isn't to say SPCX will necessarily rally this week — it's just a reminder for those who are naked selling calls that hedging protection is still very necessary.