US markets saw bullish momentum this week as fears surrounding the banking crisis eased following takeover news of some Silicon Valley Bank. However, the Biden administration proposed tougher rules for mid-sized banks, which dragged bank stocks lower. Investors also weighed on statements by Fed officials and the release of US fourth-quarter GDP growth was slightly lower at 2.6% from previous estimates of 2.7%.

Market participants are now waiting for the publication of the Personal Consumables Price index, that’s the Those of the Federal Reserve preferred Measure of the underlying price pressure.

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As April begins, here’s a look at some key trading levels for the SPDR S&P 500 ETF Trust and the Invesco QQQ Trust Series 1, as considered by the options market:

1. SPDR S&P 500 ETF Trust SPY: The ETF ended Thursday’s session up 0.59% at 403.7. Options expiring on April 6 show significant accumulation of open interests in the 406-410 zone, with maximum accumulation seen at the 410 Call strike. This suggests that the zone could act as resistance in the coming week. On the other hand, the 400 level acts as a rigid support.

2. Invesco QQQ Trust Series 1 QQQ: The ETF closed up 0.95% on Thursday at 315.68. Options data shows that the 320 call strike is seeing a significant buildup of open interest, suggesting the level could act as resistance next week. On the downside, strong support is priced in at the 310 level.

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