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Today's Signal YELLOW LIGHT |
Be leery of this rally. We may be just testing the 20 and 50 day moving averages from below.
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 · Monday, July 20 · via Licia Leslie
| Level | S&P FUT |
| Resistance 2 (50-day MA) | 7,571.50 |
| Resistance 1 | 7,530.32 |
| Premarket Price | 7,526.25 |
| Support 1 | 7,473.00 |
| Support 2 | 7,417.00 |
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Our support is Friday's low and our resistance is the 20 day moving average.
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
+218%
An SPX 7,525 put that expired Friday, July 17 opened at $8.82. By the high of the day it traded at $28.05, a $1,923 gain per contract (218%) for traders who caught the move.
Volume Anomaly
SPX 0DTE Volume: 3.4M Contracts
0DTE SPX volume on Friday, July 17 came in at 3.4M contracts, roughly 20% above the 20-day average of 2.9M. Call and put activity were roughly balanced, with 1.6M calls vs 1.8M puts. The heaviest call volume concentrated at the 7,500, 7,490, 7,480 strikes. On the put side, the 7,450, 7,460, 7,440 strikes saw the most action. The put/call ratio finished at 1.09, a fairly neutral read from the options market.
Editor's Note
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Licia Leslie 0DTE Analyst, Option Pit |
I do not trust this rally. The QQQs are up quite a bit but … We need to see this hold into the close and follow through tomorrow. We need a close back above the median line for a true rally and that is at $7571.50. Watch Friday's highs on the five minute chart, that will be resistance.
Yesterday's Close
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SPX 7,457.69 -1.01% |
VIX 18.77 +12.19% |
SPY 743.29 -0.99% |
QQQ 695.33 -1.50% |