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Today's Signal YELLOW LIGHT |
I am going with yellow just to be cautious as QQQs are struggling to go green and SMH is much lower.
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, October 16 · via Licia Leslie
| Level | S&P FUT |
| Resistance 2 (50-day MA) | 7,830.75 |
| Resistance 1 | 7,800.00 |
| Premarket Price | 7,797.50 |
| Support 1 | 7,774.75 |
| Support 2 | 7,743.75 |
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Our support and resistance levels derived from our pitchfork and trendlines are working beautifully.
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
+611%
An SPX 7,740 call that expired Thursday, October 15 opened at $2.25. By the high of the day it traded at $16.00, a $1,375 gain per contract (611%) for traders who caught the move.
Volume Anomaly
SPX 0DTE Volume: 3.1M Contracts
0DTE SPX volume on Thursday, October 15 came in at 3.1M contracts, roughly 1% above the 20-day average of 3.1M. Call and put activity were roughly balanced, with 1.6M calls vs 1.5M puts. The heaviest call volume concentrated at the 7,750, 7,740, 7,730 strikes. On the put side, the 7,720, 7,700, 7,725 strikes saw the most action. The put/call ratio finished at 0.95, a fairly neutral read from the options market.
Editor's Note
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Licia Leslie 0DTE Analyst, Option Pit |
Yesterday's action created a beautiful change in trend candle called a hammer holding our support and bouncing closing higher. Today we are trying to get that confirmation trading higher. Quite a mixture this morning with the dollar much lower, crude on a pull back and the bond yields up a tad holding support. We may have a quieter day today. Watch for a close above the 50 day moving average $7743.75.
Yesterday's Close
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SPX 7,744.06 +0.33% |
VIX 16.46 -2.43% |
SPY 771.79 +0.28% |
QQQ 728.00 -0.13% |