weekly confirmed breakout in prestige.. price will grow more
$SPY Earnings Season Kick Off !! The trade I'm in its a bearish trade using a Debit Put Spread to keep THETA under control and hold the spikes if any. $SPY -100 X FEB 17 / 36 DTE / 370 PUT (SELL LEG) +100 X FEB 17 / 36 DTE / 380 PUT (BUY LEG) MAX LOSS = -$14,900 MAX PROFIT = +$85,100 *The goal / target is to collect at least 65%-70% of max profit around...
TP1> If we manage to Trade/Bid above MAIN POC 3863, we can go for 3830 > 3841 > 3862 (Range POC) > 3878 > 3913. >To the upside, the level I'm looking it right now is the 3860, that's the POC of those last 13 days, we need to trade/bid above so we can try to break the LIS 3913/3915, where BULLS are losing the battle. TP2> If we manage to Trade below MAIN POC...
TP1> If we manage to Trade/Bid above Main POC 3860, we can test 3874 > 3886 > 3905 > 3914 (LIS) > 3934 > 3960 TP2> If we open/bid below Main POC 3860, we can dive back to 3850 > 3833 > 3800. *We are gapping up already above 3874 and 3886, heading towards 3905 > 3914 (LIS).