S&P 500 Call-Buying Frenzy Hits 52-Week High After Rapid Ratio Swing

On May 20, fresh options data showed S&P 500 call/put buying ratios surging from a 52-week low to a 52-week high in just over a month—the fastest swing since 2015. Since the ratio bottomed on April 2, the index has climbed roughly 12% as buyers purchased about 2.1 calls for every put, with technology hardware driving 35% of volume and posting a 38% average return. This follows the May 19 report of inverted three-month call skew exceeding 20% for S&P Top 100 stocks, the highest level since early 2021 amid surging retail activity. Historically, such extremes have preceded double-digit gains within six months, though near-term vulnerability persists.