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Today's Signal YELLOW LIGHT |
We may be bull flagging but we do have to keep our eye on Wednesday's possible shooting star, change in trend, candle.
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 · Monday, August 10 · via Licia Leslie
| Level | S&P FUT |
| Resistance 2 (50-day MA) | 7,820.25 |
| Resistance 1 | 7,785.25 |
| Premarket Price | 7,775.00 |
| Support 1 | 7,726.25 |
| Support 2 | 7,638.50 |
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We need to clear our most recent highs to keep this rally going. Watch for us to hold the support our most recent lows. If we breakdown from there, we could fall quite a bit.
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
+180%
An SPX 7,480 put that expired Friday, August 7 opened at $0.05. By the high of the day it traded at $0.14, a $9 gain per contract (180%) for traders who caught the move.
Volume Anomaly
SPX 0DTE Volume: 2.8M Contracts
0DTE SPX volume on Friday, August 7 came in at 2.8M contracts, roughly 6% below the 20-day average of 2.9M. Call and put activity were roughly balanced, with 1.4M calls vs 1.4M puts. The heaviest call volume concentrated at the 7,750, 7,760, 7,755 strikes. On the put side, the 7,740, 7,730, 7,735 strikes saw the most action. The put/call ratio finished at 0.99, a fairly neutral read from the options market.
Editor's Note
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Licia Leslie 0DTE Analyst, Option Pit |
It looks like we are bull flagging here but we do have to be aware of Wednesday's candle for a possibly change in this uptrend. Crude is rallying slightly here and bond yields are pretty quite, at the moment.
Yesterday's Close
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SPX 7,757.64 +0.62% |
VIX 14.90 -1.65% |
SPY 773.26 +0.61% |
QQQ 723.03 +1.17% |