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Today's Signal YELLOW LIGHT |
The market is quiet this morning clinging to the 20 day moving average looking higher. I am giving us a yellow light as SMH is getting hit this morning.
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 · Friday, August 28 · via Licia Leslie
| Level | S&P FUT |
| Resistance 2 (50-day MA) | 7,825.25 |
| Resistance 1 | 7,768.00 |
| Premarket Price | 7,743.00 |
| Support 1 | 7,713.75 |
| Support 2 | 7,661.50 |
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Our support/resistance levels are tight here. We could stay in a tight range as the S&P tries to maintain gains with SMH selling off.
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
+246%
An SPX 7,725 call that expired Thursday, August 27 opened at $5.35. By the high of the day it traded at $18.52, a $1,317 gain per contract (246%) for traders who caught the move.
Volume Anomaly
SPX 0DTE Volume: 2.9M Contracts
0DTE SPX volume on Thursday, August 27 came in at 2.9M contracts, roughly 12% above the 20-day average of 2.6M. Call and put activity were roughly balanced, with 1.4M calls vs 1.5M puts. The heaviest call volume concentrated at the 7,730, 7,735, 7,725 strikes. On the put side, the 7,700, 7,710, 7,715 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 |
We have yields inching higher and SMH selling off caused by MRVL and MU, which could stop our rally in its tracks. Keep your eye on these. The S&P chart is bullish and looking higher.
Yesterday's Close
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SPX 7,730.99 +0.72% |
VIX 14.51 -4.60% |
SPY 771.10 +0.66% |
QQQ 721.11 +1.37% |