SPY, QQQ: Crucial Trading Levels To Know This Week As Priced In By Options Market
Portfolio Pulse from Bhavik Nair
Ahead of Federal Reserve Chairman Jerome Powell's testimony before Congress, major Wall Street indices closed in the red on Tuesday. Higher-than-expected UK inflation has also raised concerns among market participants. Options market outlook for SPDR S&P 500 ETF Trust (SPY) and Invesco QQQ Trust Series 1 (QQQ) indicate resistance and support levels for this week.
June 21, 2023 | 11:31 am
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NEUTRAL IMPACT
QQQ closed 0.14% lower on Tuesday at $366.90. Options data shows higher open interest accumulation at the $370 Call strike indicating resistance this week. The $360 level could act as support this week.
The options market outlook for QQQ indicates resistance at the $370 Call strike and support at the $360 level this week. However, any major news or macro event could lead to significant movement in asset prices and cause a subsequent shift in open interest levels.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100
NEUTRAL IMPACT
SPY closed 0.52% lower on Tuesday at $437.18. Options expiring on Friday indicate significant open interest accumulation at the $440 Call strike, indicating resistance this week. The $430 Put strike shows significant open interest accumulation and could act as strong support.
The options market outlook for SPY indicates resistance at the $440 Call strike and support at the $430 Put strike this week. However, any major news or macro event could lead to significant movement in asset prices and cause a subsequent shift in open interest levels.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100