I love it when a plan comes together. Even more so when that plan involves making a little scratch. Two (put) trades I want to highlight today, SPY and SLW. I placed these trades near the close on Tuesday and I'll highlight why and where I think they might be going. Below is a SPY a daily chart since the beginning of the year. This is really was a no-brainer risk reward trade. We have a ton of volume representing overhead resistance highlighted in red and decreasing daily volume on this move up. In order to break that overhead resistance the market would have to either gap over and above the resistance zone or bust through on very high volume to absorb all that supply. Instead the market moved higher today on lower volume only to fall apart for the rest of the day. The next stop on the SPY is 180.69.
Thanks for reading.