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Today's Signal RED LIGHT |
Red light as we begin the day down 1%. The resistance of our most recent highs was honored yesterday.
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, October 22 · via Licia Leslie
| Level | S&P FUT |
| Resistance 2 (50-day MA) | 7,830.75 |
| Resistance 1 | 7,804.75 |
| Premarket Price | 7,726.75 |
| Support 1 | 7,676.00 |
| Support 2 | 7,595.00 |
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The highs of the last six days is our resistance and the lows of Friday & Monday is our support.
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
+400%
An SPX 4,800 put that expired Wednesday, October 21 opened at $0.05. By the high of the day it traded at $0.25, a $20 gain per contract (400%) for traders who caught the move.
Volume Anomaly
SPX 0DTE Volume: 3.4M Contracts
0DTE SPX volume on Wednesday, October 21 came in at 3.4M contracts, roughly 7% above the 20-day average of 3.1M. Call and put activity were roughly balanced, with 1.6M calls vs 1.7M puts. The heaviest call volume concentrated at the 7,770, 7,760, 7,765 strikes. On the put side, the 7,750, 7,740, 7,735 strikes saw the most action. The put/call ratio finished at 1.06, a fairly neutral read from the options market.
Editor's Note
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Licia Leslie 0DTE Analyst, Option Pit |
Crude is higher and bond yields are lower. Continue to keep your eye on the SMH ETF and the QQQ as neither could breakout above resistance yesterday. If we trade below $7676 on the S&p 500 futures, we could fall pretty quickly to $7595.
Yesterday's Close
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SPX 7,757.17 +0.58% |
VIX 16.68 -3.64% |
SPY 773.09 +0.53% |
QQQ 725.20 +1.05% |