I have placed a green circle around the closing price of the 3rd Friday of each month when options expire so you can see how the market moves around these key levels.
I find that old levels are key support and resistance. Note the action.
You can also scroll back on the chart and see further back.
This decline so far stopped right at the November expiration and held. The December expiration was reached for once, and tested a second time, but has gone through today after a big bounce yesterday.
You can see there is no support until 174, then 170.72-169.06 after that. I place a green circle around the expiration price just so it isn't an exact science, but I think you get the idea.
I will eagerly short against the 181-182 area for a low-risk trade. (from my perspective).
Cheers.
Tim Jan 24, 2014 12:32PM EST
I find that old levels are key support and resistance. Note the action.
You can also scroll back on the chart and see further back.
This decline so far stopped right at the November expiration and held. The December expiration was reached for once, and tested a second time, but has gone through today after a big bounce yesterday.
You can see there is no support until 174, then 170.72-169.06 after that. I place a green circle around the expiration price just so it isn't an exact science, but I think you get the idea.
I will eagerly short against the 181-182 area for a low-risk trade. (from my perspective).
Cheers.
Tim Jan 24, 2014 12:32PM EST
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