SPY, QQQ: Key Trading Levels Factored In By Options Market Ahead Of Budget Bill Vote
Portfolio Pulse from Bhavik Nair
The debt ceiling bill advanced to the House floor for debate and a final passage vote before going to the Senate. U.S. markets ended mixed on Tuesday, with options market outlooks for SPY and QQQ ETFs showing significant open interest accumulation at key trading levels.
May 31, 2023 | 11:42 am
News sentiment analysis
Sort by:
Ascending
NEUTRAL IMPACT
QQQ closed 0.45% higher on Tuesday at $349.98. Options expiring on Friday show significant open interest at the $361 Call strike, indicating potential resistance. Decent open interest accumulation can be seen at $335 and $340 Put strikes, indicating support levels.
The debt ceiling bill's advancement may cause market uncertainty, affecting QQQ. Options market data shows potential resistance at $361 Call strike, and support at $335 and $340 Put strikes. The impact on QQQ's price is uncertain, hence a neutral score.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100
NEUTRAL IMPACT
SPY closed 0.038% higher on Tuesday at $420.18. Options expiring on Friday show significant open interest at $423 and $428 Call strikes, indicating potential resistance levels. The $410 level may provide short-term support.
The debt ceiling bill's advancement may cause market uncertainty, affecting SPY. Options market data shows potential resistance at $423 and $428 Call strikes, and support at $410. The impact on SPY's price is uncertain, hence a neutral score.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100