The S&P 500 Trade Plan (Swing Trade)
In this article/newsletter I go over a trade plan on the $SPY. Going over the entry, price target, stop loss & options profit calculator with images and charts.
SPY 0.00%↑ Daily Timeframe via TradingView.com
SPY Technical Analysis
🚀Entry around $402 which is the gap entry or if tests the support down below. This is a tough level of resistance. This is the roof that we need to break on the smaller timeframes. A push above $402 will give us confirmation and confidence that we have entered the gap.
🎯Price Target $409 being the gap fill + approaching a weekly resistance. This is where I want to get out and sell all of my contracts.
🔪Stop Loss: $398 being the support and the low of the trend. But more importantly if it cannot break the $402 level it is not looking good.
My Options Contract
I got $SPY 402c 12/12 @ 6.41 x2 Cons as alerted on all the Discord’s. If you are a server owner you can get my alerts here: https://discord.gg/B4gUku5hjV by opening up a ticket on Discord.
Options Profit Calculator via optionsprofitcalculator.com - I will have a whole video on how to use this website to calculate your profit/loss
Potential Profit & Loss
I think December 12 for my expiration is a not a bad date. It is not too far and too close so that I don’t have to worry about theta since it already is sitting around the gap entry. My price target is $409 and if SPY 0.00%↑ goes to $409 on December 1st that would be a 42% gain.
In Conclusion
I got $SPY 402c 12/12 @ 6.41 x2 Cons
SPY 0.00%↑ Bullish above $402, it really needs to be above $402 for us to be bullish.
Price Target $409 which is the gap fill.
Stop Loss below $398, close on the daily.
Market is closed tomorrow because of Thanksgiving and market closes early on Friday.