Morning🪵: HIMS just got GLP’d by LLY: Who Needs Skinny Pills When Your Stock Dumped 10% Premarket?
SPY / SPX / QQQ Key Levels: Thursday 10/3/24
Move of the morning: Hims & Hers Health (HIMS) took a hit after the FDA announced that Eli Lilly’s (LLY) weight-loss drug is no longer in shortage, pushing HIMS' stock down by nearly 10% as investors worry about reduced demand for compounded alternatives.
NOTE: D = Daily. W = Weekly. FLIPs = key decision points for direction
Adding pivots / volume to the charts
Plan the trade, trade the plan.
Daily SPY | Bias ⚪
Decision point rests at $568.60
Looking for calls over $569.60 with $570.50 and $571.50 trims
Looking for puts below $567.70 with $566.70 and $565.90 trims
Swing ideas:
Price remains close to the Weekly FLIP at $571.30, a key level for both bullish and bearish moves.
If price moves above $571.30, potential upside targets include $575.00 (W ▲) and $578.40 (W T1+).
A break below $567.90 could drive price towards $564.20 (W T1-) and $560.80 (W T2-).
Daily SPX | Bias ⚪
Decision point rests at $5,707.50
Looking for calls over $5,717.60 with $5,725.60 and $5,735.70 trims
Looking for puts below $5,699.50 with $5,689.40 and $5,681.40 trims
Swing ideas:
Price action is centered near the Weekly FLIP at $5,734.80.
A move above this level could push the price toward $5,770.60 (W ▲) and $5,803.20 (W T1+).
If price weakens, look for support at $5,702.20 (W ▼) and $5,666.40 (W T1-).
Daily QQQ | Bias ⚪
Decision point rests at $482.00
Looking for calls over $483.00 with $484.10 and $485.10 trims
Looking for puts below $480.90 with $479.90 and $478.80 trims
Swing ideas:
Price is sitting near the Weekly FLIP at $486.90.
A move above this level could target $493.60 (W ▲) and $500.40 (W T1+).
A bearish break below $480.10 may aim for $473.40 (W T1-) and $466.60 (W T2-).
