Morning🪵: Banks, Banking. Chips, Tanking. Watch Energy, Real Estate, Finance Sectors.
SPY / SPX / QQQ Key Levels: Wednesday 10/16/24
NOTE: D = Daily. W = Weekly.
FLIPs = key decision points for direction
Plan the trade, trade the plan.
Daily SPY
Decision point rests at $580.00
Looking for calls over $581.50 with $583.20 and $584.70 trims
Looking for puts below $578.30 with $576.80 and $575.00 trims
Swing ideas:
Price is near the Weekly ▲ at $584.40.
If price moves above $589.20 (W T1+), expect further upside.
If it drops below $570.70 (W ▼), the next support is $561.80 (W T1-).
Daily SPX
Decision point rests at $5,818.50
Looking for calls over $5,832.50 with $5,849.90 and $5,863.90 trims
Looking for puts below $5,801.10 with $5,787.10 and $5,769.70 trims
Swing ideas:
SPX is near the Weekly ▲ at $5,862.60.
A move above $5,910.00 (W T1+) could lead to higher targets.
If it moves below $5,727.30 (W ▼), look for support at $5,639.40 (W T1-).
Daily QQQ
Decision point rests at $490.50
Looking for calls over $492.30 with $493.80 and $495.60 trims
Looking for puts below $489.10 with $487.30 and $485.80 trims
Swing ideas:
QQQ is trading near the Weekly ▲ at $498.30.
A move above $503.20 (W T1+) could extend the upside.
If price falls below $484.70 (W ▼), the next major support is $476.00 (W T1-).