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Today's Signal YELLOW LIGHT |
Yellow light as we are bear flagging here before our next leg lower.
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 24 · via Licia Leslie
| Level | S&P FUT |
| Resistance 2 (50-day MA) | 7,780.25 |
| Resistance 1 | 7,713.75 |
| Premarket Price | 7,680.25 |
| Support 1 | 7,629.75 |
| Support 2 | 7,586.68 |
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The futures are struggling to hold the support of the convergence of the median line and the 20 day moving average.
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 7,755 call that expired Friday, August 21 opened at $1.14. By the high of the day it traded at $3.19, a $205 gain per contract (180%) for traders who caught the move.
Volume Anomaly
SPX 0DTE Volume: 2.8M Contracts
0DTE SPX volume on Friday, August 21 came in at 2.8M contracts, roughly 3% above the 20-day average of 2.7M. Call and put activity were roughly balanced, with 1.4M calls vs 1.4M puts. The heaviest call volume concentrated at the 7,680, 7,700, 7,685 strikes. On the put side, the 7,670, 7,675, 7,665 strikes saw the most action. The put/call ratio finished at 1.03, a fairly neutral read from the options market.
Editor's Note
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Licia Leslie 0DTE Analyst, Option Pit |
If we breakdown below those highs of June and July (support) we will trade down to the 50 day moving average and possibly down to $7548.50. We have resistance just above here at $7713.75. We need to trade over $7740 to get a real rally going.
Yesterday's Close
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SPX 7,674.37 +0.43% |
VIX 15.13 -5.50% |
SPY 765.72 +0.41% |
QQQ 713.44 +0.35% |