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Today's Signal YELLOW LIGHT |
We may have a change in trend shooting star candle created yesterday as the futures honored our channel resistance. This means we may roll over today.
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, August 6 · via Licia Leslie
| Level | S&P FUT |
| Resistance 2 (50-day MA) | 7,820.25 |
| Resistance 1 | 7,785.25 |
| Premarket Price | 7,760.00 |
| Support 1 | 7,747.75 |
| Support 2 | 7,694.25 |
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Our first level of support is yesterday's low then the $7700 area. Resistance is Tuesday's high and the all time high.
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
+229%
An SPX 7,745 put that expired Wednesday, August 5 opened at $8.30. By the high of the day it traded at $27.31, a $1,901 gain per contract (229%) for traders who caught the move.
Volume Anomaly
SPX 0DTE Volume: 2.9M Contracts
0DTE SPX volume on Wednesday, August 5 came in at 2.9M contracts, roughly 1% above the 20-day average of 2.9M. Call and put activity were roughly balanced, with 1.5M calls vs 1.4M puts. The heaviest call volume concentrated at the 7,750, 7,745, 7,760 strikes. On the put side, the 7,740, 7,700, 7,730 strikes saw the most action. The put/call ratio finished at 0.95, a fairly neutral read from the options market.
Editor's Note
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Licia Leslie 0DTE Analyst, Option Pit |
I am cautious today as we may rollover after trading to the top of the channel and honoring that resistance. Watch for that first level of support to be breached, $7747.75, before going short. Also keep your eye on the QQQs as they test the 50 day moving average at $715.
Yesterday's Close
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SPX 7,723.55 -0.17% |
VIX 15.81 -4.18% |
SPY 769.79 -0.20% |
QQQ 717.30 -0.90% |