SPY broke down from an upward channel & seems approaching to channel support from beneath. We think it will be a very good shorting opportunity if it holds below the channel & reverse from there. And to trade that we would consider $235 Puts
$235 Put option * Trade Criteria * Date first found- April 11, 2017 Pattern/Why- Upward channel breakdown Entry Target Criteria- Pullback to $23.50 Exit Target Criteria- $232.50 Stop Loss Criteria- N/A Option- Short term $235 Put option (Speculative)
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April 11th- hitting our entry criteria. Seems down trend started.
Comment
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April 13th- Very nice decline, and closed at the bottom of the range. Looking very good as short.