SPY - Another gap up this morning and consolidation breakout
Updated
I have been patiently waiting for a breakout of the consolidation area that has been forming since mid last week. Price looks to finally be ready to break out of that range this morning. Price action has been signally strength recently with yesterdays gap up and price hugging the upper range of the consolidation area and then this morning with another breakout to the upside that will get us officially out of this consolidation area. I had entered long last week about 2 handles lower than where we will open this morning and I believe this market has the potential to move higher unless the price action tells us otherwise.
Trade active
SPY remains range bound at this time. The price pullback has brought in good profits on my short strangle option trades on XLE and TWTR which were both in-the-money on the long side. The pullback brought them back within the strangle strikes and gave me a nice positive P&L for the day.It's good to have a diverse set of strategies that can bring in profit in a range of markets.
Dad of 5 • Dev • Candlestick Whisperer • Crypto class of 2019
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