Forgotten Gap....

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I know gaps don't always close but there was one back in March that I almost forgot about. I was just looking for some other people's thoughts on this. I normally leg into Iron Condors and noticed this old gap and thought I might start some positions up near 213 to 215 if we go up a little and then pair those up if we drop to the gap at 200 based on that gap being a possible low. But being the cautious person I am I may opt for a leg down at 189.
Comment: So we went over 205.50 so I sold a June 30th vertical call spread of SPX at 2135 -2150. Now i wait to see if things continue up or head back down over the next week and if we drop I plan to sell a put spread to complete the Iron Condor. Just hoping we don't have any freakish new highs.
Comment: Things are dropping faster than I thought. I do see some support at this 202.95 level but missed drawing a support line, but I don't day trade much so I will wait it out and see if we bounce back up to 204 or move sideways and then drop some more towards 201.77. Now the nervousness of dropping below 199.71 also sets in.
Comment: I commented yesterday about my one iron condor that was being tested at 211. So when things dropped today I closed that out to guarantee a profit rather than worry this weekend that things might pop back up and close that gap above us. Now all of my positions feel safer. Have a good weekend. Maybe some of the old gaps will close next week but I think it may take longer than my end of June goal.
Comment: I certainly did not see the Britian vote coming out the way it did, but being overly cautious sometimes helps. I don't want to see much more down side but closing that old gap might satisfy the chart gods. June has 6 more days so I'm hoping to at worst bounce off 199 area and slowly head back up and stabilize. I will be selling some vertical puts further down if we hit 199.
Comment: Ok final update status on this chart, if we hit the 199.70 and don't blow through downward, I will start a new vertical credit spread (Bull Put Spread) down around the 182 area (if the returns are good enough). I will not be selling large money because my confidence in what the "floor" is, is not high. I do expect a bounce off the 200 area and maybe some sideways movement. But someone likened this overall drop to an earthquake and we may have some aftershocks in the coming weeks so i may cash out to have a stress free July 4th weekend. Good luck all.
Just wanted to check in on a setup that did not go as planned, but I set most of my positions above 213, so for the time being those are "safe". I am mostly "short" looking for SPY to close some of the gaps below, but now we have a big gap above, which troubles me.
So we didn't quite hit those Freakish New Highs that I am still concerned about but I wanted to update and note that people with full time jobs need to be careful where they create their vertical spreads. I have a variety of Iron Condors and one is being tested at 211 because I missed two days of trading due to my job obligations. So now I am thinking of adjusting that one if we drop a bit more today. Most of my other positions are above 213 or below 202. Just that one at 211 that is giving me a headache. Good luck all.
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