Getting a Handle on Where the Indices May Close Friday

I like to see where the indices may close on expiration, and the best view is to look at open interest.

The SPDR S&P 500(SPY Quote) shows a massive amount of puts from the 85-90 line, something in the neighborhood of 850,000 contracts. I suspect the put sellers will make an attempt to keep the index above 90 by tomorrow's close.

On the call side, there is good size at the 90 strike but better interest at 95, so we are likely to see the index fall between these two strikes to mitigate the damage to the sellers. I suspect if we split the difference, that is probably where the SPY will end up at Friday's close (92.5). ...