If you have not yet subscribed to my weekly freebie you can do so below to get next weeks free trade idea sent to your mailbox Monday morning. Last week we were off, but two weeks ago was $AMZN and if you took the trade it was a MASSIVE winner.
The stats for the weekly freebie since I began sending them are as follows:
- 11 wins (I only count wins when they are either big wins or where there was enough time to take profits).
- 2 that didn’t trigger
- 4 scratch trades
- 1 loss
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Open Interest: If you want more information on how to read the high calls and puts in the open interest see here.
SPY-M: (6 of 9 for pins). The best pin is right around 266; however, the range for the best pin is 263 to 268. There is heavy put support starting at 263 so unless it’s a trending down day that should hold on any pullback. If price does get under 263 it could be a waterfall type of drop due to delta hedging. There is some put support at 266, but only enough to hold up a flat to strong market. To the upside there is call resistance starting at 268 and pretty much at every point after that. Unless it’s a trending up day those calls will likely act as resistance.
SPY-W: (63 of 85 pins). There isn’t much to see at the present time for Wednesday’s expiration except the high 255 puts. Technically the best pin is between 266 and 267, but it’s not super prominent and can easily change between now and Wednesday; thus, if you are not in my service be sure to check your open interest if you rely on it.
SPY-F: (49 of 78 pins). The current best pin for Friday is once again 266 with put support starting at 264 and call resistance starting at 268. This has plenty of time to change as the week progresses, but for now if price does get and hold under 264 it can again lead to a fast drop to 262. The same holds true if it falls and holds through 261. To the upside price needs to hold over 268 and with strength can then possibly push through the other strikes to 270. The highest resistance and where price will unlikely be able to hold over (if it even gets there) is 272.
Monday 4/23: Successful pin.Wednesday 4/25: Failed to the downside.
Friday 4/27: Successful pin.