S&P 500 ETF $675 Calls Surge 24,650%; 100-Day Trend Breach Warns of Crash
SPY $675 calls exploded from $0.02 to $4.95—a 24,650% surge—turning $1,000 into $247,500 after Trump’s ‘very complete’ Iran conflict declaration. The ETF fell below its 100-day and 20-week moving averages for a second session, one of just eight such breaches often preceding a market crash.
1. Record Options Squeeze
Trading records show that SPY $675 strike calls plunged to $0.02 by 2:10 p.m. ET before shooting up to $4.95 in 80 minutes, a 24,650% gain. That move transformed a $1,000 investment at the low into $247,500 by the close.
2. Presidential ‘Very Complete’ Statement
At 3:20 p.m. ET, a declaration that the Iran conflict was “very complete” triggered a swift market reversal despite oil trading near $120 a barrel and the S&P 500 down over 2%. The comment shifted sentiment, fueling the intraday rally in the ETF.
3. Technical Breakdown Warning
The ETF closed below both its 100-day and 20-week moving averages for the second straight session, a pattern seen only eight times in the past decade. A similar dual breakdown in February 2025 preceded a nearly 20% market plunge, raising correction concerns.