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Today's Signal YELLOW LIGHT |
Be leery of any rally until it clears resistance levels and closes above. Crude and yields are pulling back providing some relief for the market. The lean is still bearish.
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, July 24 · via Licia Leslie
| Level | S&P FUT |
| Resistance 2 (50-day MA) | 7,509.00 |
| Resistance 1 | 7,474.75 |
| Premarket Price | 7,454.50 |
| Support 1 | 7,417.00 |
| Support 2 | 7,386.25 |
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Our levels are pretty tight as we may get an inside day today. We need a break below 7417 to trade lower.
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
+123%
An SPX 7,405 put that expired Thursday, July 23 opened at $15.40. By the high of the day it traded at $34.40, a $1,900 gain per contract (123%) for traders who caught the move.
Volume Anomaly
SPX 0DTE Volume: 2.8M Contracts
0DTE SPX volume on Thursday, July 23 came in at 2.8M contracts, roughly 1% below the 20-day average of 2.9M. Call and put activity were roughly balanced, with 1.4M calls vs 1.4M puts. The heaviest call volume concentrated at the 7,400, 7,410, 7,450 strikes. On the put side, the 7,400, 7,390, 7,380 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 |
I am leery of any rally unless it clears the 20 day moving average. Today will most likely be an inside day unless we breach yesterday's lows. Keep your eye on crude and yields as they may have topped out yesterday for the time being.
Yesterday's Close
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SPX 7,408.30 -1.21% |
VIX 18.70 +12.38% |
SPY 738.18 -1.23% |
QQQ 691.96 -1.90% |