S&P 500: As Index Hits 14-Month High, Find Out Crucial Trading Levels Priced In By Options Market
Portfolio Pulse from Bhavik Nair
The S&P 500 reached a 14-month high following the Federal Reserve's decision to pause rate hikes and positive economic data. The SPDR S&P 500 ETF Trust (SPY) closed 1.24% higher, while the Invesco QQQ Trust Series 1 (QQQ) saw a 1.19% increase. Options market data suggests resistance at 4,450 and support at 4,400.
June 16, 2023 | 9:30 am
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POSITIVE IMPACT
The Invesco QQQ Trust Series 1 (QQQ) saw a 1.19% increase following the Fed's decision to pause rate hikes and positive economic data. The S&P 500's performance may influence QQQ's short-term price movements.
The QQQ ETF has seen a 1.19% increase following the Fed's decision to pause rate hikes and positive economic data. The S&P 500's performance, which reached a 14-month high, may influence QQQ's short-term price movements, as both ETFs track major indices.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
The SPDR S&P 500 ETF Trust (SPY) closed 1.24% higher after the Fed's decision to pause rate hikes and positive economic data. Options market data suggests resistance at 4,450 and support at 4,400.
The S&P 500's 14-month high and the Fed's decision to pause rate hikes have positively impacted the SPY ETF. The options market data suggests that the ETF could face resistance at 4,450 and support at 4,400, indicating potential short-term price movements.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100