DailyPlay Positions Outlook:

The market has continued its march higher after breaking above its $285 resistance and now testing its upper range at $292. As the Fed continues to provide stimulus and easing, we expect markets to push its $300-302 resistance level, but with weak momentum and money flow, risk are skewed to the downside. We are protecting our profits on our long HD position and closing out SQ at a full loss as small business optimism continues to buoy this market. 

Closing Trades

• HD – 64% Gain: Long Jun 19, 2020 220/255 Call Verticals @ $18.15
• SQ – 99% Loss: Short May 15, 2020 50/57.5 Call Verticals @ $7.40