SPY, QQQ: Traders Price In Limited Upside Next Week As Market Awaits Fed Decision, Inflation Data Release
Portfolio Pulse from Bhavik Nair
Traders are pricing in limited upside for SPY and QQQ ETFs next week as the market awaits the Federal Reserve's June policy decision and inflation data release. Options data indicates limited upside and potential support and resistance levels for both ETFs.
June 09, 2023 | 11:07 am
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NEUTRAL IMPACT
Traders expect limited upside for QQQ ETF next week due to the Fed's policy decision and inflation data release. Options data shows significant open interest at the $355 Call strike and $350 support level.
The limited upside for QQQ is due to the market's anticipation of the Fed's policy decision and inflation data release. Options data indicates significant open interest at the $355 Call strike, suggesting traders are factoring in limited upside for the ETF next week. The $350 level may act as the first line of support in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEUTRAL IMPACT
Traders expect limited upside for SPY ETF next week due to the Fed's policy decision and inflation data release. Options data shows significant open interest at the $430 Call strike and $420 support level.
The limited upside for SPY is due to the market's anticipation of the Fed's policy decision and inflation data release. Options data indicates significant open interest at the $430 Call strike, suggesting traders are factoring in limited upside for the ETF next week. The $420 level may act as the first line of support in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100