SPY, QQQ: As S&P 500, Nasdaq Nudge 9-Month Highs, Here's The Options Market Outlook For These ETFs
Portfolio Pulse from Bhavik Nair
Despite the ongoing debt ceiling crisis, the S&P 500 and Nasdaq Composite have reached 9-month highs. The options market outlook for SPDR S&P 500 ETF Trust (SPY) and Invesco QQQ Trust Series 1 (QQQ) indicates potential resistance and support levels in the short term.
May 23, 2023 | 11:01 am
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NEUTRAL IMPACT
QQQ closed 0.34% higher at $337.64 on Monday. Options expiring on Friday show significant open interest at the $338 Call strike, indicating limited upside. The $335 level may act as support, with $330 as a secondary support level.
The options market outlook for QQQ shows potential limited upside at the $338 Call strike and near-term support at $335, with $330 as a secondary support level. This suggests a neutral short-term impact on the stock price, as the market is currently factoring in these levels.
CONFIDENCE 80
IMPORTANCE 75
RELEVANCE 100
NEUTRAL IMPACT
SPY ended 0.04% higher at $418.79 on Monday. Options expiring on Friday show significant open interest at the $423 Call strike, indicating potential resistance. The $415 level is seen as near-term support.
The options market outlook for SPY shows potential resistance at the $423 Call strike and near-term support at $415. This suggests a neutral short-term impact on the stock price, as the market is currently factoring in these levels.
CONFIDENCE 80
IMPORTANCE 75
RELEVANCE 100