SPY needs to hold $450 for next leg up.
QQQs being ridden to new highs by biggest names.
Tech today decided to take a small breather. Todays trade is one of my favorite stocks to trade lately .CLOV ( Clover Health) If the stock stays in this $8.50 strike zone I am going to do the following trade . I will STO the 8.5 put and BTO 6 put spread and will be STO the 8.5 and BTO 9 call spread expires Oct 1. I should get approximately $1.00 credit. I have no risk to the upside and will take possession of the stock if it closes below $8.5 . My max loss potential is $250 less my premium received and can make the full premium amount if the stock stalls at $8.50 on expiry or approx. $50 if the stock closes above $9.00 .
The Cintus Group $CTAS (Current price $393.88), stock price has been restricted within the range between $382.91 and $396.38 for over a month now. The stock is not able to break the resistance for the past many days. However, with the earnings announcement upcoming in the next 3 weeks (9/22) and the Stochastics and MACD recovering from the oversold region, it seems that a break out would be imminent in the next few trading days. The stock has returned 59% in the last 12 months and there could be more potential going forward. If it is finally able to cross the resistance at the previous high then it could march forward beyond $400 and above.
However, if the investors are not so optimistic in the next few days then it could actually fall to the support level at 50EMA at $384 or so. Hence, it would be a stock to watch in the next couple of trading sessions.