I like to assess pre-market conditions for assessing potential volume and price gap filling for the day. With a series of conflicting financial and stock market news, including this morning national payroll updates, I would be expecting a brief respite in price action for SPY up towards 392.5-393.5, but I'll note I'm uncertain SPY will push up its recent gap towards 394.5 today.
There is a notable bump in SP500 futures of 0.1-0.42%, but nothing significant to note. This is actually close to a 5-min resistance point from yesterday, which might suggest potential to short and continue with our push downwards.
Today's plan will be to sell call credit spread with 0DTE on SPY at open at 393/395; close or roll up/out if loss == 25%; take profit at 55-60%. This would allow for a .1-.25% SPY gain, with micro-room for flexibility. I've set a bear-ish bias since we're below the 100-day moving average on SPY.
Good luck, set a stop loss, and breathe.
There is a notable bump in SP500 futures of 0.1-0.42%, but nothing significant to note. This is actually close to a 5-min resistance point from yesterday, which might suggest potential to short and continue with our push downwards.
Today's plan will be to sell call credit spread with 0DTE on SPY at open at 393/395; close or roll up/out if loss == 25%; take profit at 55-60%. This would allow for a .1-.25% SPY gain, with micro-room for flexibility. I've set a bear-ish bias since we're below the 100-day moving average on SPY.
Good luck, set a stop loss, and breathe.