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Today's Signal YELLOW LIGHT |
Do not trust this rally. It needs to hold throughout the day and show follow through tomorrow.
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 · Thursday, July 30 · via Licia Leslie
| Level | S&P FUT |
| Resistance 2 (50-day MA) | 7,417.00 |
| Resistance 1 | 7,404.25 |
| Premarket Price | 7,402.25 |
| Support 1 | 7,350.00 |
| Support 2 | 7,324.00 |
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If we trade over $7417 the next level of resistance sits at $7442. Below $7324, the support is at $7258.25.
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
+400%
An SPX 7,100 put that expired Wednesday, July 29 opened at $0.07. By the high of the day it traded at $0.35, a $28 gain per contract (400%) for traders who caught the move.
Volume Anomaly
SPX 0DTE Volume: 2.8M Contracts
0DTE SPX volume on Wednesday, July 29 came in at 2.8M contracts, roughly 3% below the 20-day average of 2.8M. Put activity dominated, with 1.3M calls vs 1.5M puts. The heaviest call volume concentrated at the 7,450, 7,400, 7,440 strikes. On the put side, the 7,350, 7,300, 7,290 strikes saw the most action. The put/call ratio finished at 1.12, a defensive tilt from options traders.
Editor's Note
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Licia Leslie 0DTE Analyst, Option Pit |
This morning's rally is the futures coming back to retest that old support, now new resistance, as it closed below there yesterday. This almost always happens. Watch for the market to roll over at these resistance levels. Also keep you eye the bond yields.
Yesterday's Close
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SPX 7,316.15 -1.52% |
VIX 20.66 +13.45% |
SPY 729.46 -1.54% |
QQQ 661.73 -2.04% |