SPY needs to maintain $442 for next leg up.
All-time highs sit just under $370.
Well another mediocre trading day in the markets. As a credit seller i smile !
Todays trade is on WYNN ( Wynn Resorts Ltd ) I am looking to sell a bullish put credit spread if the stock is around the $95. level . It has been beat up pretty bad here and i am looking at taking in credit with the purpose of taking on the stock if it actually continues to fall to my strikes. I will be looking to Sell to Open the 85 strike and Buying to Open the 75 strike for protection. My risk on this trade is the $1000 margin less the premium received which should be around $1.00.
AAPL has been in a wedge, or pennant pattern since making new all-time highs on July 15. The ATR has been declining as the daily range has been tightening, as well as 3 NR7 candles firing off in the last 5 sessions. If the QQQs continue to be at or near their highs, I’ll look to move into AAPL on a break of the $148 price level. I would look to buy the 148 call that expires on August 27, with a profit target in the underlying if/when AAPL moves to $150. I would stop out below $145. As always when buying calls, my max risk is what I pay for the call.
$CHPT (ChargePoint Holdings Inc.) provides cloud subscription based electric vehicle charging network. In the first quarter fiscal the company published their revenue increased 24% YoY. On Monday, possibly there was a strong bullish momentum with higher high and higher low than the previous day. If on Tuesday the stock price breaches Monday’s high then it could probably start a short term bull run from the strong support level of $22. The RSI, Stochastics and MACD all pointing higher and the price is set to cross over 50EMA. There is no resistance other than 50EMA for the stock currently.
On the downside the stock could go down to $20.79 in the short term, when it breaks the support level.