SPX 11-Dec-25 6900 Call Volume Surges to 3,066—Retail Traders Drive Activity as Option Jumps 34% Intraday
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Key Takeaway: A Single Option Grabs 1.1% of SPX Volume and Rises 34%
This morning, the SPX index captured traders’ attention with a burst of volume in its 11-Dec-25 6900 call option, totaling 3,066 contracts by 09:59 AM—representing 1.1% of the total SPX options volume so far today. The contract traded as low as $1.10 and as high as $4.70, with the volume-weighted average price (VWAP) sitting at $2.61. Notably, the last trade price printed at $2.75, marking a substantial 34% increase from the prior day’s close of $2.05.
| Contract | Volume | Percent of SPX Volume | VWAP | Prev Close | Last Price | High | Low |
|---|---|---|---|---|---|---|---|
| 11-Dec-25 6900 C | 3,066 | 1.1% | $2.61 | $2.05 | $2.75 | $4.70 | $1.10 |
Retail Traders Are the Main Force Behind This Surge
The breakdown of trades reveals a telling detail: 87% of today’s 6900 call volume appears driven by small (retail) trades, with professionals and large participants making up just 13%. The option’s volume spike comes as the SPX index itself sits at 6,866.60, down 0.26% (-18 points) in early trading—hinting that retail investors are looking beyond today’s modest pullback, possibly betting on a longer-term rebound or positioning for a significant upside event by the end of 2025.
Order Flow Skews Slightly Bearish, But Bulls Are Paying Up
The data indicates that 52.1% of contracts were sold while 47.9% were bought. This suggests more participants are writing the calls than buying them at current prices, perhaps taking advantage of elevated volatility or collecting premium from eager buyers. Even so, the jump from yesterday’s close of $2.05 to this morning’s VWAP of $2.61 shows that buyers were willing to pay up—likely betting on significant market moves in the next 12 months.
Open Interest Jumps—What Does It Signal for the SPX?
Open interest in the 6900 call increased by 1,282 contracts as of the morning update, now totaling 2,421. This sizable boost reflects robust interest—whether new bullish positions are being opened, or old ones closed out, won’t be confirmed until the next settlement. But the magnitude of the increase is hard to ignore: traders are locking in exposure for what could be a pivotal period in SPX’s path.
| Date (Morning Update) | Open Interest | Change from Prior Day |
|---|---|---|
| Dec 10, 2025 | 2,421 | +1,282 |
Technical Sentiment: Contrasting Signals Amid Market Pullback
With the underlying index slightly negative and a strong skew toward retail-driven call buying, the overall sentiment appears cautiously bullish, even as the broader market dips. The jump in both price and open interest for the 6900 call indicates that some traders anticipate renewed upside volatility in the coming months, possibly betting on a significant catalyst or market event in late 2025.
Takeaway: Watching the 6900 Call for Clues to SPX’s Next Move
Today’s outsized activity in the SPX 11-Dec-25 6900 call is hard to ignore: 3,066 contracts, a sharp rise in price, and surging open interest—mostly powered by retail traders. While we won’t know until tomorrow whether today’s trading marks new positions or the unwinding of old bets, the enthusiasm hints at rising speculation on a rebound or major event for the SPX by the end of next year. As always, options flow can serve as a leading sentiment gauge—so it may be worth watching how this crowd-driven trade evolves as the market narrative develops.
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