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Today's Signal YELLOW LIGHT |
Mixed bag with S&P 500 down, QQQs up slightly and SMH up over 2%.
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 · Tuesday, November 3 · via Licia Leslie
| Level | S&P FUT |
| Resistance 2 (50-day MA) | 7,656.75 |
| Resistance 1 | 7,569.75 |
| Premarket Price | 7,564.00 |
| Support 1 | 7,548.50 |
| Support 2 | 7,501.50 |
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Below $7548, we can drop to $7500 pretty quickly.
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
+380%
An SPX 6,800 put that expired Monday, November 2 opened at $0.15. By the high of the day it traded at $0.72, a $57 gain per contract (380%) for traders who caught the move.
Volume Anomaly
SPX 0DTE Volume: 3.9M Contracts
0DTE SPX volume on Monday, November 2 came in at 3.9M contracts, roughly 24% above the 20-day average of 3.1M. Call and put activity were roughly balanced, with 1.9M calls vs 2.0M puts. The heaviest call volume concentrated at the 7,600, 7,650, 7,630 strikes. On the put side, the 7,600, 7,580, 7,550 strikes saw the most action. The put/call ratio finished at 1.08, a fairly neutral read from the options market.
Editor's Note
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Licia Leslie 0DTE Analyst, Option Pit |
I still say keep your eye on SMH as it is rallying this morning but we do have AMD earnings after the close today which could take this market another leg lower. Watch your SPX five minute chart for $7548 to fail as we will drop pretty quickly to $7501. QQQs below the 200 day moving average will trade $661.33.
Yesterday's Close
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SPX 7,541.40 -0.51% |
VIX 21.15 +8.91% |
SPY 752.10 -0.48% |
QQQ 681.09 -1.36% |