50 SMA on deck for the SPY.
QQQs approaching key level of $360 / 50 SMA.
Mixed bag of the QQQs and ES up and the DIA and IWM down.I am cautiously looking at Roku over the next day or two. It appears extended on my stochastics and the MACD so i will be looking to do a credit put spread expiring Sept 17 if the stock is $45 or higher tomorrow around 10. I want to wait thru the market craziness of open to decide if the market is poised to rally again. The $290/285 put spread will be worth approx. 50- .60 cents in credit.
The max loss is the $5 wide spread less premium received. Max gain is the premium received it both strikes expire worthless .
$ROST (Ross Stores Inc. LTP $126.58) is the off-price apparel and home fashion chain in the United States. They reported earnings growth of 21% even in comparison to 2019 for the 2nd quarter on Thursday. The stock jumped more than 2% to close the day and there is more potential for it to reach previous high of $134 or more, based on breaking through the 50EMA and 20EMA.
On the flip side, the trading volumes were not absolutely great even after those good earnings numbers and the traders might discount some Q3 forecasting numbers to Delta variant. That would lead the stock to drop up to $114 in the short run.