Below is a daily chart of SPDR S&P 500 ETF (SPY).
Trade: Consider shorting Oct (10/27) $256/258 bear call spread (8 DTE) for a limit of current mid-point of $.38/share or better since extended intra-day
Technical Setup: Bearish Gap from rising extended wedge on daily chart.
Option Strategy: Bear Call Credit Spread (BCS).
Stop Loss: $256.12.
Happy trading! If you have any questions or comments, please e-mail Greg Capra at Greg@mastertrader.com or Dan Gibby at Dan@mastertrader.com
All the best,
Greg Capra
Managing Director of Master Trader
Pristine’s Founder and Creator of the Pristine Method
Dan Gibby
Chief Options Strategist
Follow Greg on Twitter, YouTube, and StockTwits to get real-time updates and education:
Twitter: @GregCapra
Stocktwits: Greg_Capra
youtube.com/c/mastertrader (please subscribe to receive all the timely stock market updates)
