SPY, QQQ: Here Are Crucial Trading Levels For Next Week - Invesco QQQ Trust, Series 1 (NASDAQ:QQQ), SPDR S&P 500 (ARCA:SPY)

U.S. markets witnessed a subdued performance this week so far as data releases have been pointing towards the possibility of the economy weakening going forward. For instance, on Wednesday the Institute for Supply Management (ISM) said its non-manufacturing PMI declined to 51.2 last month from 55.1 in February indicating the services sector slowed more than expected in March.

At the same time, the JOLTS report showed job openings fell 632,000 to 9.9 million on the last day of February, recording the lowest level since May 2021.

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As markets head toward the Easter weekend, here’s a look at some crucial trading levels for next week as factored in by Wall Street for the following two popular exchange-traded funds:

1. SPDR S&P 500 ETF Trust SPY: The ETF ended Wednesday’s session 0.26% lower at 407.6. Options expiring on April 14 show significant open interest accumulation in the zone between 409-415 zone, with the maximum accumulation being seen at the 415 Call strike at the time of writing. This indicates the zone may act as a resistance during the coming week. On the downside, the 405 level acts as a stiff support.

2. Invesco QQQ Trust Series 1 QQQ: The ETF closed 0.99% higher on Thursday at 315.92. Options data show that the 320 Call strike has significant open interest accumulation, indicating the level could act as a stiff resistance next week. On the downside, a strong support can be expected at the 310 level.

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Image and article originally from www.benzinga.com. Read the original article here.