SPX, SPY, QQQ: Why These Options Market Data Won't Cheer You This Week

U.S. markets closed mixed on Monday as fears surrounding the banking crisis calmed following the takeover news regarding Silicon Valley Bank. However, the week is set to see some important developments that include the release of the Personal Consumption Expenditures price index, which is the Federal Reserve's preferred measure of underlying price pressures.

Investors and traders will also be watching out for remarks by various central bank officials.

What Happened: As uncertainty still persists, here's a look at some crucial trading levels for major exchange-traded funds and the S&P 500 index:

1. SPDR S&P 500 ETF Trust (NYSE:SPY): The ETF closed at 396.49 on Monday. Options expiring on Friday show significant open interest accumulation at the 400 Call strike, indicating the level is likely to act as a stiff resistance for the week. On the downside, the 390 level acts as a stiff support.

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2. Invesco QQQ Trust Series 1 (NASDAQ:QQQ): The ETF closed at 308.76 on Monday. Options data show that the 310 Call strike is witnessing a significant open interest accumulation, indicating the level is unlikely to be breached as on Friday. On the downside, a strong support can be anticipated at the 300 level.

3. S&P 500: The S&P 500 index ended 0.16% higher at 3,977.53 on Monday. Options expiring on Friday show highest open interest accumulation amongst the out-of-the-money Call strikes at the 4,000 level, indicating it might act as a strong resistance in the short term. This is crucial because the 4,000 level appears to be a significant hurdle for the index in the short term. On the downside, support could be expected at the 3,950 level.

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