BY BILL GRIFFO 

December 11, 2023

Morning Income Hunters,

Key Levels to Watch

Short Term SPX Resistance: 4,623

Short Term SPX Support: 4,550

SPX Risk Pivot Level: 4,500

Major SPX Range High/Resistance: 4,600

Major SPX Range Low/Support: 4,400

• Look for higher volatility this week (12/11), triggered by 12/12 CPI, 12/13 FOMC and into the massive 12/15 OpEx.
• As long as the call walls remain 4,600/460 SPX/SPY they remain the strong resistance above.   
• If the Call Wall(s) roll higher it opens the door for higher levels. Call Walls in QQQ/IWM are higher at 400/190, which means QQQs are in a better bullish position currently.
• A break of 4,550 is now the line in the sand “risk off” level … January OpEx is setting up to be the major event equity markets … So, a dip this week to 4550 should be bought for a rally into JAN OpEx.

The 460 level has grown significantly and will be strong resistance until the call wall rolls higher. If bullish play QQQs as a long for now.

Daily Roadmap

SPX futures are unchanged in pre-market. Key SG levels for the SPX are:

Support: 4,600, 4,550

Resistance: 4,608, 4,623, 4,641

1 Day Implied Range: 0.61% (open to close)

QQQ resistance is at 395 & 400. Support is at 388, then 385.

IWM resistance: 190. Support 185 & 179.

The most likely scenario is that volatility picks up in the middle of next week during:

•  CPI, 
• FOMC  
• Treasury Supply
• FOMC

Today, the Treasury issues – 3yr (50bn)  and 10yr (37bn) bonds which may hit TLT … 

Gamma Levels for our Core Watchlist:

AAPL – Call Wall rises to $5 to $190

META – Call Wall rises $20 to $350, Put Wall drops $7.50 to $315.5

MSFT – Call Wall rises $5 to $380

NFLX– Call Wall rises $40 to $500

NVDA – Call Wall rises $30 to $500, Put Wall drops $20 to $430

QQQ – Call Wall rises $5 to $400 

TLT – Call Wall drops $5 to $95

Have a great day!

Live and Trade with Passion My Friends,

Bill Griffo