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Today's Signal YELLOW LIGHT |
I am going with yellow this morning as we will trade in this narrow range until we hear from the Fed.
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 16 · via Licia Leslie
| Level | S&P FUT |
| Resistance 2 (50-day MA) | 7,713.75 |
| Resistance 1 | 7,681.77 |
| Premarket Price | 7,677.75 |
| Support 1 | 7,661.50 |
| Support 2 | 7,640.00 |
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Market is moving sideways here and we have a tight range of support and resistance.
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
+372%
An SPX 7,580 put that expired Tuesday, September 15 opened at $3.20. By the high of the day it traded at $15.10, a $1,190 gain per contract (372%) for traders who caught the move.
Volume Anomaly
SPX 0DTE Volume: 2.7M Contracts
0DTE SPX volume on Tuesday, September 15 came in at 2.7M contracts, roughly 0% above the 20-day average of 2.7M. Call and put activity were roughly balanced, with 1.3M calls vs 1.4M puts. The heaviest call volume concentrated at the 7,590, 7,600, 7,585 strikes. On the put side, the 7,580, 7,575, 7,585 strikes saw the most action. The put/call ratio finished at 1.07, a fairly neutral read from the options market.
Editor's Note
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Licia Leslie 0DTE Analyst, Option Pit |
Most likely we trade is this tight range already established this morning. But once the Fed announces we will get the movement and the direction for the near future. Crude and yields are pulling back a bit here. Continue to watch those. Gold and Silver may be bottoming.
Yesterday's Close
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SPX 7,585.73 -0.45% |
VIX 17.20 +0.58% |
SPY 757.39 -0.46% |
QQQ 704.54 -0.65% |