SPY 417 Put position approaching..

Updated

Looking to enter SPY 416 Puts (mine will be 5/28 expiration) between 416.5-417.50 as there is a solid resistance level charted there. Assumed exit is 410-412. This could change at any time. Stop-loss is candle (1hr/4hr) closing above 418.

Note

Expected a little bit faster push up to 416.5-417.5. Now the 4hr has closed above the channel with a bullish candle on the heiken ashi candles. That seems pretty bullish - though it could be invalidated by closing the day back inside the channel, which would signify to me that we likely make lower-lows.

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Will be entering a smaller SPY 416P position at 416. Still short stop-loss.

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We may have rejected at 416.5. Will exit positions at 412.

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Position closed at 417.77

davidalford

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