Greetings fellow traders and welcome to your August 17th edition of Weekly Wisdom: Levels to Know and Moves to Look For!
Now let’s get to what we’re currently seeing in these crazy markets and what we have our focus on going forward.
Via Optionmetrics, Citi Global Markets: 0DTE options trading has been having a huge impact on intraday market movements this calendar year – we just recently broke the previous record for Zero-day options trading as a % of total volume – we have seen many mid day reversals this year and 0DTE options have played a huge part in that.
$SPY failed to hold 445 support this week and has continued to trade lower. We are now coming into the next support level here at 438, below this 435 is the next major level should they fail 438 without a better bounce by the end of this week.
$SPY weekly chart now testing this big 438 level from the ignition bar higher 5 weeks ago. 435 is another big support level below but below 430 our weekly trend officially breaks and we may be headed for a retest of the big 420 level we broke out from back in the Spring.
*As of 2:51pm ET August 17, 2023
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