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Today's Signal YELLOW LIGHT |
I am going with yellow instead of read because it looks like a sideways trading day until we breakdown below our support level.
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 · Tuesday, September 8 · via Licia Leslie
| Level | S&P FUT |
| Resistance 2 (50-day MA) | 7,768.00 |
| Resistance 1 | 7,728.50 |
| Premarket Price | 7,698.50 |
| Support 1 | 7,687.50 |
| Support 2 | 7,661.50 |
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Futures have already hit and honored both our support and resistance levels. We need to break away from those levels to get a move.
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
+143%
An SPX 7,480 put that expired Friday, September 4 opened at $0.07. By the high of the day it traded at $0.17, a $10 gain per contract (143%) for traders who caught the move.
Volume Anomaly
SPX 0DTE Volume: 2.8M Contracts
0DTE SPX volume on Friday, September 4 came in at 2.8M contracts, roughly 7% above the 20-day average of 2.6M. Call and put activity were roughly balanced, with 1.4M calls vs 1.4M puts. The heaviest call volume concentrated at the 7,720, 7,715, 7,725 strikes. On the put side, the 7,710, 7,700, 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 crude oil prices and bond yields higher once again putting a damper on our stock market rally. We are not trading back below the median line and well into that big bullish candle created by Thursday's rally. We may move sideways until PPI and CPI come out Thursday and Friday.
Yesterday's Close
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SPX 7,718.60 -0.38% |
VIX 14.53 +1.47% |
SPY 770.19 -0.39% |
QQQ 718.96 +0.18% |