MorningđȘ”: âPorts go downâ is the double entendre headline that nobody asked for.
SPY / SPX / QQQ Key Levels: Wednesday 10/2/24
Indices opening slightly lower this morning. Bulls need to recapture and hold 567.90 for the week, with a drive over 571.30 to keep the party moving back toward 575. Below 567.90, bears are aiming for 564.20 into 560 territory. Overhead, supply should be magnetic.
NOTE: D = Daily. W = Weekly. FLIPs = key decision points for direction
Plan the trade, trade the plan.
Daily SPY | Bias âȘ
Decision point rests at 568.60
Looking for calls over 570.90 with 573.30 and 575.60 trims
Looking for puts below 566.30 with 563.90 and 561.60 trims
Swing ideas:
Current price is close to the Weekly FLIP at 571.30
If price moves above this level, expect potential moves toward 575.00 (W âČ) and 578.40 (W T1+)
If price breaks below 571.30, potential downside targets are 567.90 (W âŒ) and 564.20 (W T1-)
Daily SPX | Bias âȘ
Decision point rests at 5,707.70
Looking for calls over 5,731.50 with 5,754.10 and 5,777.90 trims
Looking for puts below 5,685.00 with 5,661.30 and 5,638.60 trims
Swing ideas:
The price is near the Weekly FLIP at 5,734.80
A bullish breakout could test 5,770.60 (W âČ) and 5,803.20 (W T1+)
A bearish breakdown below 5,734.80 may drive price towards 5,702.20 (W âŒ) and 5,666.40 (W T1-)
Daily QQQ | Bias âȘ
Decision point rests at 480.90
Looking for calls over 483.80 with 486.50 and 489.40 trims
Looking for puts below 478.20 with 475.30 and 472.70 trims
Swing ideas:
The price is sitting near the Weekly FLIP at 486.90
A move above this level could test 493.60 (W âČ) and 500.40 (W T1+)
A bearish break below 486.90 may target 480.10 (W âŒ) and 473.40 (W T1-)