A little bit of green here to start the day and technical indicators are pointing north, on a 60 minute chart in particular. This makes option biased applying an Inverse Head and Shoulders. Typically a 5 minute chart is Wall Street’s favorite chart (in terms of time frames… 1 minute, 5 minute, 10 minute, and so on) to try to grasp these setups off of, that is, if they take place of course!
Today will be a session heavily dependent on yesterday’s close of 298.13 holding as critical support. Below that and call options will be off the table as markets could be in for a green to red move.
Of course Wall Street loves when these trades set up sooner rather than later in the trading day, as in, within the first hour. If it takes place with a nice entry price I like within the first hour it will be time to take action, if you’re comfortable with chart patterns and trading, as in you’re an experienced trader. Charts have been kind enough to offer the patterns I’ve laid out within the first hour as of late so hopefully that can happen again today!
Resistance: 298.50, 298.82, 299
Support: 298.33, 291.13, 298
Today’s Trade of The Day is SPY September 16 299 Calls
