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Today's Signal YELLOW LIGHT |
We have a big rebound this morning but I would proceed with caution. There's quite a bit of resistance at the $7700 -$7714 level.
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, September 17 · via Licia Leslie
| Level | S&P FUT |
| Resistance 2 (50-day MA) | 7,755.75 |
| Resistance 1 | 7,710.50 |
| Premarket Price | 7,688.00 |
| Support 1 | 7,617.50 |
| Support 2 | 7,596.75 |
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The futures have been ignoring the 20 and 50 day moving averages and trading right through.
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
+433%
An SPX 7,545 put that expired Wednesday, September 16 opened at $7.20. By the high of the day it traded at $38.40, a $3,120 gain per contract (433%) for traders who caught the move.
Volume Anomaly
SPX 0DTE Volume: 2.4M Contracts
0DTE SPX volume on Wednesday, September 16 came in at 2.4M contracts, roughly 12% below the 20-day average of 2.7M. Put activity dominated, with 1.1M calls vs 1.3M puts. The heaviest call volume concentrated at the 7,610, 7,650, 7,620 strikes. On the put side, the 7,500, 7,600, 7,550 strikes saw the most action. The put/call ratio finished at 1.11, a defensive tilt from options traders.
Editor's Note
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Licia Leslie 0DTE Analyst, Option Pit |
Crude and yields are backing off this morning fueling our rally. RSI and MACD are rolling bullish. We are getting this big push higher but I would be leery of going long. We could easily reverse and give it back. Watch that down trending line for resistance. I think we trade between that and the support at $7596.75 for a bit.
Yesterday's Close
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SPX 7,551.81 -0.45% |
VIX 17.71 +2.96% |
SPY 754.05 -0.44% |
QQQ 704.72 +0.03% |