Below is a daily chart of SPDR S&P 500 ETF (SPY).
Trade: Provided SPY is trading above $257.70 into the close, consider shorting Nov (11/17) $256.5/250 bull put spread (3 DTE) for mid-point (currently $.51/share).
Technical Setup: Three bullish Bottoming Tails on r20-MA daily.
Option Strategy: Bull Put Credit Spread (BPS).
Stop Loss: $256.48.
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
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Twitter: @GregCapra
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