Here’s how we predicted an incredible SPY trading opportunity, no crystal ball required.
The SPY ultimately stopped and reversed directly on our trendline. Using put options, a trader could have capitalized on the move from August 8th to present, and known exactly when to cut their trade. And here’s the best part: It didn’t take a crystal ball, or even a CMT license to do it. It just took a little simple technical analysis, knowledge of how to craft a trendline, and an understanding of how to spot a bearish engulfing candle.
If the SPY retests the line, and then makes a daily close above the trendline, that would be a bullish retest. From there, you can use this gap in the SPY as a nearby bullish trade target: However, there’s a flipside to this coin. If the SPY retests the trendline and fails to bounce there, we’re looking at a lower target: The 200 day moving average, which can be used as a short-termWhile these may seem like small moves to trade off of, marking levels like this allows us to be more precise with our trades, and using options allows these moves to still net us sizeable trades when they work out.
Interested in seeing how we use unusual options activity combined with technical analysis to make trades like these
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