Morning🪵: Megflation. Mega Millions Goes from $2 to $5 Next Year—Because Losing More, Faster, is Better.
SPY / SPX / QQQ Key Levels: Tuesday 10/8/24
Higher Cost, Same Odds—More Ways to Burn Cash on That Afternoon FourLoko run.
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
Decision point rests at $568.30
Looking for calls over $570.00 with $572.20 and $573.90 trims
Looking for puts below $566.10 with $564.40 and $562.10 trims
Swing ideas:
Price remains near the Weekly ▼ at $567.40.
If price moves above $570.90 (W FLIP), expect potential moves toward $576.50 (W ▲).
If price continues below $567.40, targets are $561.80 (W T1-) and $558.30 (W T2-).
Daily SPX
Decision point rests at $5,702.90
Looking for calls over $5,719.00 with $5,741.90 and $5,758.00 trims
Looking for puts below $5,679.90 with $5,663.90 and $5,640.90 trims
Swing ideas:
SPX is trading near the Weekly ▼ at $5,695.10.
If price rises above $5,730.10 (W FLIP), look for a move toward $5,786.20 (W ▲).
If it breaks below $5,695.10, watch for support at $5,639.00 (W T1-).
Daily QQQ
Decision point rests at $483.60
Looking for calls over $485.30 with $486.20 and $488.00 trims
Looking for puts below $482.70 with $481.00 and $480.00 trims
Swing ideas:
Price is close to the Weekly FLIP at $484.40.
A move above this level could target $491.40 (W ▲).
A drop below $480.40 (W ▼) may aim for $473.40 (W T1-).