rlim

SPY consolidating sideways and testing lower channel

AMEX:SPY   SPDR S&P 500
spy
9 0 0
spy
  • Closed below 50 dema on thursday, and opened&closed below 50dema on Friday( Bearish )
  • Close and low held above bottom trend line and 100 dema (Support still held)
  • 10 dma > 30dema, however gap is closing.

SPY             is testing the lower channel.
I have placed an order for a short call spread 214/219 which as a delta position of .27 with 40 DTE            

If SPY             goes up ...
I expect the ATH             to act as resistance (~213.75)

If SPY             breaks above 214, I will still hold my position and sell another call spread.

I see 205 and 207 as areas of support. I believe if it breaks below the trend line , it will test 209 areas as resistance.
If SPY             goes reaches down to ~207, I will sell a put spread.
And if it continues to 205, I will sell another put spread.



United States
United Kingdom
India
Deutschland
España
France
Italia
Polska
Brasil
Россия
Türkiye
Indonesia
Malaysia
日本
한국
Home Stock Screener Forex Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing Priority Support Ideas Published Followers Following Private Messages Chat Sign Out