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Today's Signal RED LIGHT |
I am giving us a red light this morning as we retested the above support/now new resistance and honored it trading lower.
Signal by Licia Leslie
| GREEN: High probability of the market moving higher. |
| YELLOW: Be cautious when making a directional trade. |
| RED TODAY: High likelihood of the market dropping. |
Today's Levels
S&P Futures Key Levels · Thursday, September 10 · via Licia Leslie
| Level | S&P FUT |
| Resistance 2 (50-day MA) | 7,713.75 |
| Resistance 1 | 7,668.25 |
| Premarket Price | 7,638.50 |
| Support 1 | 7,629.75 |
| Support 2 | 7,548.50 |
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Below our first support level, I think we can drop pretty quickly to the next support level.
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
+179%
An SPX 7,625 put that expired Wednesday, September 9 opened at $4.10. By the high of the day it traded at $11.45, a $735 gain per contract (179%) for traders who caught the move.
Volume Anomaly
SPX 0DTE Volume: 2.6M Contracts
0DTE SPX volume on Wednesday, September 9 came in at 2.6M contracts, roughly 0% above the 20-day average of 2.6M. Put activity dominated, with 1.2M calls vs 1.4M puts. The heaviest call volume concentrated at the 7,650, 7,645, 7,655 strikes. On the put side, the 7,640, 7,630, 7,635 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 |
We still have CPI to be reported but so far the market is down slightly after retesting our old support which is now new resistance and honoring rolling lower. That is a good level of resistance. Watch yesterday's lows as we break down below there, I think we can quickly trade down to $7848.50. If they like the number we need to break out above $7713.75 to get a real rally going.
Yesterday's Close
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SPX 7,636.36 -0.48% |
VIX 16.46 +4.71% |
SPY 762.40 -0.46% |
QQQ 716.31 -0.29% |