DailyPlay – Closing Trade (CRM) – May 17, 2024
Investment Rationale Markets have continued to provide a...
Read MoreAs buyers seemingly take back control of the equity markets, $5250 is the upside target on the S&P 500. With 5 out of our 6 DailyPlay positions with long exposure, we will take a pause from adding new positions and wait for those to start performing. Most of our positions are within a couple of percentage points of breakeven and we are going to hold them going into next week’s CPI print.
Bullish Credit Spread – A recent pullback to its $480 support level should see it stabilize and start to resume its bullish trend.
Bullish Debit Spread – Look for a retest of its $114 resistance level and for it to continue higher after bouncing off its $108 support.
Bullish Calls – Consolidating just below its key $46 resistance level, we are positioned for a breakout higher.
Bullish Debit Spread – We are positioned for the break above $94.30 and targeting $100 to the upside gap fill.
Bearish Debit Spread – Our bearish thesis for this trade has been confirmed and it seems likely that the gap towards $18 could be filled.
Bullish Debit Spread – As PYPL bounced off a key level of $63, a continued upside is still on the table. We will keep a close eye on this position.
Investment Rationale Markets have continued to provide a...
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