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Today's Signal YELLOW LIGHT |
Futures are beginning the day unchanged after testing our old support/new resistance and trading down to very near the 50 day moving average.
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, September 2 · via Licia Leslie
| Level | S&P FUT |
| Resistance 2 (50-day MA) | 7,708.75 |
| Resistance 1 | 7,661.50 |
| Premarket Price | 7,640.50 |
| Support 1 | 7,629.75 |
| Support 2 | 7,609.29 |
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Our support levels below are tight. Look out for a trade below the 50 day moving average as we can fall pretty quickly below there.
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
+214%
An SPX 7,540 put that expired Tuesday, September 1 opened at $0.35. By the high of the day it traded at $1.10, a $75 gain per contract (214%) for traders who caught the move.
Volume Anomaly
SPX 0DTE Volume: 3.3M Contracts
0DTE SPX volume on Tuesday, September 1 came in at 3.3M contracts, roughly 26% above the 20-day average of 2.6M. Call and put activity were roughly balanced, with 1.5M calls vs 1.7M puts. The heaviest call volume concentrated at the 7,650, 7,640, 7,660 strikes. On the put side, the 7,630, 7,620, 7,625 strikes saw the most action. The put/call ratio finished at 1.11, a defensive tilt from options traders.
Editor's Note
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Licia Leslie 0DTE Analyst, Option Pit |
Crude and yields are backing off this morning after trading higher. We need to continue to keep our eye on these. The S&P 500 futures have already had a range testing our resistance to the upside and very near the 50 day moving average on the downside. We break down below $7609.24 could quickly take us to $7548.50.
Yesterday's Close
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SPX 7,631.47 -0.71% |
VIX 16.34 +9.52% |
SPY 761.78 -0.69% |
QQQ 707.64 -1.27% |