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Today's Signal YELLOW LIGHT |
Today we are having a little pull back after this massive run up. The key is to watch the support to hold and we bounce.
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 · Wednesday, October 7 · via Licia Leslie
| Level | S&P FUT |
| Resistance 2 (50-day MA) | 7,950.00 |
| Resistance 1 | 7,898.00 |
| Premarket Price | 7,843.25 |
| Support 1 | 7,830.75 |
| Support 2 | 7,754.75 |
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Our support sits at yesterday's low we want to see a close above that level to continue this rally.
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
+419%
An SPX 7,855 call that expired Tuesday, October 6 opened at $0.80. By the high of the day it traded at $4.15, a $335 gain per contract (419%) for traders who caught the move.
Volume Anomaly
SPX 0DTE Volume: 3.3M Contracts
0DTE SPX volume on Tuesday, October 6 came in at 3.3M contracts, roughly 9% above the 20-day average of 3.0M. Call activity dominated, with 1.8M calls vs 1.5M puts. The heaviest call volume concentrated at the 7,830, 7,840, 7,835 strikes. On the put side, the 7,820, 7,825, 7,830 strikes saw the most action. The put/call ratio finished at 0.84, a modestly bullish tone in the options market.
Editor's Note
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Licia Leslie 0DTE Analyst, Option Pit |
Is the market taking a breather today or is it actually paying attention to those rising bond yields? That is the question. Crude is trading higher as it held support with a nice change in trend candle created yesterday. Watch our closing levels to hold support.
Yesterday's Close
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SPX 7,818.93 +0.58% |
VIX 15.01 -3.29% |
SPY 779.09 +0.55% |
QQQ 759.66 +0.46% |