Where Are SPY, QQQ ETFs Headed? Options Market Offers Vital Clues
Portfolio Pulse from Bhavik Nair
Major Wall Street indices ended Tuesday with gains, driven by positive economic data. The SPDR S&P 500 ETF Trust (NYSE:SPY) closed 1.1% higher, while the Invesco QQQ Trust Series 1 (NASDAQ:QQQ) gained 1.72%. Options market outlook suggests resistance at $440 for SPY and $365 for QQQ, with support at $430 and $356 respectively. However, significant news events or macroeconomic developments can cause substantial movements in asset prices.
June 28, 2023 | 10:40 am
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POSITIVE IMPACT
QQQ gained 1.72% on Tuesday. Options market outlook suggests resistance at $365 and support at $356. However, significant news events or macroeconomic developments can cause substantial movements in asset prices.
The positive economic data has boosted investor confidence, leading to a rise in the QQQ ETF. The options market outlook suggests potential resistance and support levels, but these could be influenced by significant news or macroeconomic developments.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
SPY closed 1.1% higher on Tuesday. Options market outlook suggests resistance at $440 and support at $430. However, significant news events or macroeconomic developments can cause substantial movements in asset prices.
The positive economic data has boosted investor confidence, leading to a rise in the SPY ETF. The options market outlook suggests potential resistance and support levels, but these could be influenced by significant news or macroeconomic developments.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100