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Today's Signal YELLOW LIGHT |
Futures are lower this morning creating an even tighter coil that looks like it could last until Tuesday.
Signal by Licia Leslie
| GREEN: High probability of the market moving higher. |
| YELLOW TODAY: Be cautious when making a directional trade. |
| RED: High likelihood of the market dropping. |
Today's Levels
S&P Futures Key Levels · Thursday, July 23 · via Licia Leslie
| Level | S&P FUT |
| Resistance 2 (50-day MA) | 7,584.00 |
| Resistance 1 | 7,554.75 |
| Premarket Price | 7,509.50 |
| Support 1 | 7,492.75 |
| Support 2 | 7,474.75 |
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Our levels haven't changed much and are narrow as the market is consolidating here before making its next move, likely lower.
How to Use Today's Levels
Red = resistance: watch for price to stall or reverse; a clean break above is bullish.
Green = support: watch for price to hold or bounce; a break below is bearish.
The center row is the premarket reference point for the session. Trade in the direction of today's signal.
The Number
+200%
An SPX 7,555 call that expired Wednesday, July 22 opened at $0.30. By the high of the day it traded at $0.90, a $60 gain per contract (200%) for traders who caught the move.
Volume Anomaly
SPX 0DTE Volume: 2.5M Contracts
0DTE SPX volume on Wednesday, July 22 came in at 2.5M contracts, roughly 13% below the 20-day average of 2.9M. Call and put activity were roughly balanced, with 1.2M calls vs 1.3M puts. The heaviest call volume concentrated at the 7,520, 7,510, 7,525 strikes. On the put side, the 7,500, 7,505, 7,510 strikes saw the most action. The put/call ratio finished at 1.02, a fairly neutral read from the options market.
Editor's Note
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Licia Leslie 0DTE Analyst, Option Pit |
Looks like another inside day like yesterday. We need to move over $7554.75 or below $7474.75 to get our next direction. Until then we coil and consolidate. The more we coil the bigger the move will be. Crude and yields continue to move higher which is usually bearish for the stock market. We do have earnings announcements.
Yesterday's Close
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SPX 7,498.96 -0.14% |
VIX 16.64 -2.40% |
SPY 747.41 -0.12% |
QQQ 705.35 -0.51% |