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Today's Signal YELLOW LIGHT |
I am giving us a yellow today as the market will trade sideways in a tight range until the Fed announcement at 2:00 ET.
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 · Wednesday, July 29 · via Licia Leslie
| Level | S&P FUT |
| Resistance 2 (50-day MA) | 7,554.75 |
| Resistance 1 | 7,507.82 |
| Premarket Price | 7,464.75 |
| Support 1 | 7,417.00 |
| Support 2 | 7,400.00 |
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The futures are trading inside our tight support and resistance levels. Once Fed announces we will break out of this range. There will also be some resistance at the 20 day moving average at 7531.89.
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.
Editor's Note
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Licia Leslie 0DTE Analyst, Option Pit |
As expected we are trading in a tight range until this all important Fed decision. We are back to a 35% chance of a rate hike. If this doesn't happen, we could really take off and rally. I am not as bearish as I was due to the possible change in trend candles in QQQs and SMH. Keep eye on those to trade higher for confirmation.
Yesterday's Close
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SPX 7,428.78 +0.21% |
VIX 18.21 -2.46% |
SPY 740.86 +0.24% |
QQQ 675.49 -0.97% |