DVM2Trader

XLV still coiling, possible double top on the daily?

AMEX:XLV   SPDR Select Sector Fund - Health Care
On the weekly timeframe XLV continues to coil.

On the daily timeframe we may have seen a double top after the rejection at the bottom of the gap (136.50 area).

FWIW these options can move, but they are low volume. On high momentum days trading the same week can be effective. Personally, I prefer to bid for calls on red days and puts on green days with swing trade straddle targets in mind.

I'm currently eyeing the gap above but a breakdown with a stronger market pullback is possible. I will be looking to add a long swing position after the Jackson Hole / JPow speech depending on market conditions.