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Today's Signal YELLOW LIGHT |
We are opening down once again today. I am giving us a yellow as we approach the median and a new level of support.
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, October 8 · via Licia Leslie
| Level | S&P FUT |
| Resistance 2 (50-day MA) | 7,898.00 |
| Resistance 1 | 7,830.75 |
| Premarket Price | 7,821.00 |
| Support 1 | 7,802.75 |
| Support 2 | 7,768.00 |
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I have added a new uptrend support line that goes back to the low of Sep16 and lines up nicely with the 20 day moving average. That is our Support 2 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
+114%
An SPX 7,550 put that expired Wednesday, October 7 opened at $0.07. By the high of the day it traded at $0.15, a $8 gain per contract (114%) for traders who caught the move.
Volume Anomaly
SPX 0DTE Volume: 2.9M Contracts
0DTE SPX volume on Wednesday, October 7 came in at 2.9M contracts, roughly 4% below the 20-day average of 3.0M. Call and put activity were roughly balanced, with 1.5M calls vs 1.5M puts. The heaviest call volume concentrated at the 7,800, 7,805, 7,810 strikes. On the put side, the 7,770, 7,800, 7,790 strikes saw the most action. The put/call ratio finished at 1.00, a fairly neutral read from the options market.
Editor's Note
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Licia Leslie 0DTE Analyst, Option Pit |
The crude rally seems to be the headline this morning driving the market a bit lower. Bond yields and the dollar are stronger once again. Watch for a close above the 20 day moving average to keep this rally intact.
Yesterday's Close
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SPX 7,801.77 -0.22% |
VIX 15.08 +0.47% |
SPY 777.22 -0.24% |
QQQ 757.73 -0.25% |