US Options Analysis Mar 20, 2026: 15 Bullish vs 12 Bearish — Triple Witching
March 20, 2026 (Friday): Bullish Momentum — 15 Bullish vs 12 Bearish
Hong Kong SAR — The US stock options market on March 20, 2026 (Triple Witching Friday) showed a decisive bullish tilt with 15 out of 27 tracked securities showing bullish DWOI positioning versus 12 bearish. Despite the overall bullish count, key index ETFs remain firmly in bearish territory, suggesting institutional hedging continues alongside selective bullish bets on individual names.
Key Findings
Index ETFs: Persistent Bearish Hedging
| Ticker | Close | Chg% | Net DWOI | Daily Change | IV | Sentiment |
|---|---|---|---|---|---|---|
| SPY | $648.57 | -1.7% | -2.7M | -929K | 50% | BEARISH |
| QQQ | $582.06 | -1.8% | -1.3M | -619K | 55% | BEARISH |
| SPX | $6506.48 | -1.5% | -543K | -345K | 27% | BEARISH |
| IWM | $242.22 | -2.2% | -1.9M | -885K | 72% | BEARISH |
| DIA | $455.89 | -1.1% | -80K | -21K | 64% | BEARISH |
SPY's net DWOI remained deeply negative at -2.7M with a daily change of -929K, signaling continued large-scale put protection by institutional investors. QQQ mirrored this bearish stance at -1.3M.
VIX Analysis
VIX showed bullish positioning with a net DWOI of 1.9M at $26.78 and IV at 142%. This confirms traders expect further market turbulence ahead.
Tech & Growth Stocks: 8 of 10 Bullish
| Ticker | Close | Chg% | Net DWOI | Daily Change | IV | Sentiment |
|---|---|---|---|---|---|---|
| NVDA | $172.70 | -3.3% | 1.8M | -438K | 259% | BULLISH |
| TSLA | $367.96 | -3.2% | 112K | -213K | 161% | BULLISH |
| AAPL | $247.99 | -0.4% | 201K | -4K | 125% | BULLISH |
| MSFT | $381.87 | -1.8% | -177K | -75K | 101% | BEARISH |
| GOOGL | $301.00 | -2.0% | 300K | -126K | 160% | BULLISH |
| AMD | $201.33 | -1.9% | 239K | -98K | 197% | BULLISH |
| META | $593.66 | -2.1% | -73K | -39K | 102% | BEARISH |
| AMZN | $205.37 | -1.6% | 80K | -88K | 156% | BULLISH |
| NFLX | $91.82 | +0.1% | 531K | -29K | 173% | BULLISH |
| AVGO | $310.51 | -2.9% | 19K | -65K | 197% | BULLISH |
NVDA maintained its dominant bullish position with net DWOI at 1.8M and IV at 259%. TSLA remained bullish at 112K DWOI with IV at 161%.
SPY Options Deep Dive
The SPY options chain reveals heavy put accumulation below the current price level. Key support levels are being defined by concentrated put OI, while call writers appear to be capping upside potential.
Whale Activity & Unusual Volume
| Symbol | Vol/OI Ratio | Price |
|---|---|---|
| VIX | 2035x | $26.78 |
| GLD | 1075x | $413.38 |
| NVDA | 707x | $172.70 |
| TSM | 587x | $329.24 |
| TQQQ | 541x | $43.08 |
High IV Alert
- SMCI IV 1150% — BEARISH
- MSTR IV 378% — BEARISH
- TQQQ IV 332% — BULLISH
- MU IV 329% — BULLISH
- COST IV 307% — BULLISH
Sentiment Reversals (vs 2026-03-19)
- MSTR $135.66: BULLISH -> BEARISH
- SMCI $20.53: BULLISH -> BEARISH
- SMH $384.74: BULLISH -> BEARISH
Market Outlook
Today's data presents a bullish-leaning market with selective hedging. While 15 of 27 tracked securities maintain bullish DWOI, the persistent bearish positioning in index ETFs suggests institutional investors are maintaining hedges.
Key Takeaways:
- Index ETF bearish DWOI signals continued institutional hedging
- NVDA leads bullish positioning with 1.8M DWOI
- 19 stocks showed extreme Vol/OI ratios
- 3 sentiment reversals detected
*Disclaimer: This analysis is for informational purposes only and does not constitute investment advice.*
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