SPY, QQQ: Options Market Offers Clues About Crucial Trading Levels Ahead Of Fed Policy Outcome
Portfolio Pulse from Bhavik Nair
Major Wall Street indices ended in the green on Tuesday following the May CPI report, with SPY and QQQ rising 0.66% and 0.77% respectively. Investors are awaiting the Federal Reserve's June policy announcement, and options market data suggests crucial trading levels for SPY and QQQ.
June 14, 2023 | 11:00 am
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NEUTRAL IMPACT
QQQ closed at $363.26 on Tuesday, with options data indicating $365 as resistance and $355 as near-term support. A significant rally could see $375 as the second level of resistance.
The options market data suggests potential resistance and support levels for QQQ. However, the actual impact on the stock price will depend on the Federal Reserve's policy announcement and other market factors.
CONFIDENCE 80
IMPORTANCE 75
RELEVANCE 100
NEUTRAL IMPACT
SPY closed at $436.66 on Tuesday, with options data suggesting $440 as resistance and $430 as short-term support. A significant sell-off could see $425 as the second level of support.
The options market data suggests potential resistance and support levels for SPY. However, the actual impact on the stock price will depend on the Federal Reserve's policy announcement and other market factors.
CONFIDENCE 80
IMPORTANCE 75
RELEVANCE 100