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Today's Signal YELLOW LIGHT |
Yellow light as the market absorbs the unemployment data.
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, September 4 · via Licia Leslie
| Level | S&P FUT |
| Resistance 2 (50-day MA) | 7,825.25 |
| Resistance 1 | 7,768.00 |
| Premarket Price | 7,736.00 |
| Support 1 | 7,726.00 |
| Support 2 | 7,713.75 |
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Futures are holding our resistance (high of yesterday) with our first level of support being 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
+3,020%
An SPX 7,755 call that expired Thursday, September 3 opened at $0.25. By the high of the day it traded at $7.80, a $755 gain per contract (3,020%) for traders who caught the move.
Volume Anomaly
SPX 0DTE Volume: 3.3M Contracts
0DTE SPX volume on Thursday, September 3 came in at 3.3M contracts, roughly 29% above the 20-day average of 2.6M. Call activity dominated, with 1.8M calls vs 1.5M puts. The heaviest call volume concentrated at the 7,750, 7,755, 7,760 strikes. On the put side, the 7,745, 7,750, 7,740 strikes saw the most action. The put/call ratio finished at 0.87, a modestly bullish tone in the options market.
Editor's Note
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Licia Leslie 0DTE Analyst, Option Pit |
The futures have initially backed off with the unemployment report, so far. We need a move over $7768 to continue this rally and to remain above the 20 day moving average which coincides nicely with the median line. We get a close below $7713.75 and this could become a bull trap. Remember the close is always more important than the intraday trading.
Yesterday's Close
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SPX 7,747.71 +1.06% |
VIX 14.32 -5.79% |
SPY 773.17 +1.05% |
QQQ 717.67 +1.19% |