SPY needs close above $253 to break rounded top pattern.
QQQs have 21 EMA on deck as next level of support.
Comcast Corporation ($CMCSA LTP $59.91) recently reached all time high of $62.80 on 2nd Sep. In the 2nd Qtr earnings the company reported 20%YoY rise in revenue. Fundamentally this stock is well placed to live up to the investors’ expectations for some more time. On Friday it finished at the 50EMA after it started declining with the broader market in the last few days. However, on Monday, it went up by more than 1% bouncing back from the 50 EMA support level. If the market in general do not slip further aggressively, then this stock could go up beyond the recent high once again.
However, the market has softened up a lot in the last few trading sessions and it might be hard for this company to keep the momentum going. If it breaches the 50EMA again, then probably there’s enough support for it at $57 level.
I am looking at BA for a move back to the upside. I have found support here at $210.00 level and if the stock is $215 or lower i will put on the following trade . I will STO the 190 put and BTO the 185 put for approximately .50 cent credit. This way if the $210 does not hold I still have over 10 percent downside protection still. Max risk is the $5 strikes less the premium received.