Futures have taken a downturn following a steel and aluminum tariff announcement.
This makes one biased toward a buy to open followed by sell to close put option trade plan, assuming SPY remains trading below 315, in which case puts will be off the table.
In a perfect world, we could see a quick pop before the options market opens at 9:30am ET followed by increasing selling volume and a quick base hit move to the downside. Assuming this sets up with SPY trading below 315 within the first 15 minutes of the trading session you’ll be notified via text and email. If not, we can give the markets a Monday (debatably the trickiest trading day of the week to many traders) to settle in and be back to business as usual tomorrow.
With this said, one should expect some volatility in general today with SPY trading right above Friday’s close of 314.31 as I’m typing, and it’s Monday. Resistance: 314.67, 314.81, 315 Support: 314.50, 314.31, 314.05
Today’s Trade of The Day is SPY December 6 314 Puts
