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Today's Signal YELLOW LIGHT |
I giving us the yellow light as the S&P 500 is separating itself from the SMH and QQQs.
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, November 4 · via Licia Leslie
| Level | S&P FUT |
| Resistance 2 (50-day MA) | 7,800.75 |
| Resistance 1 | 7,732.00 |
| Premarket Price | 7,681.25 |
| Support 1 | 7,548.50 |
| Support 2 | 7,490.00 |
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S&P 500 has already had a 200 point range bouncing off the bottom of our pitchfork on the lows.
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
+700%
An SPX 5,800 put that expired Tuesday, November 3 opened at $0.05. By the high of the day it traded at $0.40, a $35 gain per contract (700%) for traders who caught the move.
Volume Anomaly
SPX 0DTE Volume: 2.8M Contracts
0DTE SPX volume on Tuesday, November 3 came in at 2.8M contracts, roughly 12% below the 20-day average of 3.2M. Call and put activity were roughly balanced, with 1.4M calls vs 1.4M puts. The heaviest call volume concentrated at the 7,600, 7,580, 7,590 strikes. On the put side, the 7,560, 7,570, 7,550 strikes saw the most action. The put/call ratio finished at 1.04, a fairly neutral read from the options market.
Editor's Note
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Licia Leslie 0DTE Analyst, Option Pit |
The S&P 500 is taking off after bottoming out overnight while SMH is lower and QQQs are lagging up less than .50%. They now love gold and silver, watch for a bottom in those with crude breaking below its support level. It will be an interesting day!
Yesterday's Close
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SPX 7,568.92 +0.36% |
VIX 20.83 -1.51% |
SPY 754.35 +0.30% |
QQQ 685.28 +0.62% |