SPY, QQQ: Key Trading Levels Factored In By Options Market Amid Debt-Ceiling Impasse
Portfolio Pulse from Bhavik Nair
Despite the ongoing debt-ceiling impasse, US markets have avoided sharp negative reactions, with gains registered on Wednesday. Options market data for SPDR S&P 500 ETF Trust (SPY) and Invesco QQQ Trust Series 1 (QQQ) indicate crucial support and resistance levels.
May 18, 2023 | 11:29 am
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NEUTRAL IMPACT
Options market data for QQQ indicates significant open interest accumulation at the $335 Call strike, suggesting short-term resistance. The $315 level is expected to act as support.
The options market data for QQQ suggests that the ETF is likely to face resistance at the $335 Call strike and find support at the $315 level. However, any major news or macro event may lead to significant movement in asset prices and a subsequent change in open interest levels.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100
NEUTRAL IMPACT
Options market data for SPY indicates a significant open interest build-up at the $420 Call strike, suggesting short-term resistance. The $410 Put strike and $400 mark indicate support levels.
The options market data for SPY suggests that the ETF is likely to face resistance at the $420 Call strike and find support at the $410 Put strike and $400 mark. However, any major news or macro event may lead to significant movement in asset prices and a subsequent change in open interest levels.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100