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Today's Signal YELLOW LIGHT |
We are rallying a bit to start the day. We still need to keep our eye on that possible change in trend candle from Wednesday so I am not trusting this rally, thus the yellow light.
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, August 7 · via Licia Leslie
| Level | S&P FUT |
| Resistance 2 (50-day MA) | 7,820.25 |
| Resistance 1 | 7,785.25 |
| Premarket Price | 7,760.00 |
| Support 1 | 7,724.25 |
| Support 2 | 7,694.25 |
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Our resistance is our previous highs and our support is our most recent 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
+100%
An SPX 7,935 call that expired Thursday, August 6 opened at $0.05. By the high of the day it traded at $0.10, a $5 gain per contract (100%) for traders who caught the move.
Volume Anomaly
SPX 0DTE Volume: 2.8M Contracts
0DTE SPX volume on Thursday, August 6 came in at 2.8M contracts, roughly 5% below the 20-day average of 2.9M. Call and put activity were roughly balanced, with 1.3M calls vs 1.4M puts. The heaviest call volume concentrated at the 7,720, 7,725, 7,730 strikes. On the put side, the 7,700, 7,710, 7,705 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 |
I still think Wednesday's shooting star candle stopping right at the top of our chart could be a change in trend. We need to trade below our most recent lows for this to take hold. Otherwise we are bull flagging here. We need price to reveal itself on the direction.
Yesterday's Close
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SPX 7,709.96 -0.18% |
VIX 15.15 -4.17% |
SPY 768.56 -0.16% |
QQQ 714.65 -0.37% |