SPY needs close above $253 to break rounded top pattern.
QQQs have $380 as first level of downside support.
$ADI (Analog Devices) is a leading global high-performance semiconductor company. Today the company updated its capital allocation priorities and accelerated the accretion timeline following the completion of its acquisition of Maxim Integrated on August 26, 2021. The stock is breaking out from the 50EMA with a whopping 3.51% growth on Thursday post the announcement. With strong momentum in Stochastic and RSI, in the short term the stock could go up to $175 if not beyond.
On the negative side, a reversal below 50 EMA could lead to the next support level at around $160.00. I will watch it for the next couple of days.
I am looking to clean up on today’s trade idea ! CLX ( Clorox Co) So excuse my pun on cleaning but i am looking for a bullish move up over the next month potentially . We are breaking back above the 200 EMA and the daily Stochastics and MACD are looking stronger
If the stock is around $170.00 at opening I will BTO 165 call STO (2) 180 calls and BTO 185 call expiring Sept 24( Butterfly type trade but only risk to the downside ). I should be able to buy this debit spread for around $6.20 which would then be my max risk and max reward would be if the price closes right at $180 in which case I would make approx. $380.00