After a drop from ER, we are left with a gap to fill & sitting on support.
Key level to break through to our entry is 507.85.
Entry: 519.80
Target: 546.40 (gap fill)
Stop Loss: 496.00
Ideal expiration date would be 1-1.5 months out to give us time to reach that target. This play partially depends on how SPY does, so keep an eye on it as well.
This play may take a week or two before it happens. But when it does, it will be well worth the trade.
Key level to break through to our entry is 507.85.
Entry: 519.80
Target: 546.40 (gap fill)
Stop Loss: 496.00
Ideal expiration date would be 1-1.5 months out to give us time to reach that target. This play partially depends on how SPY does, so keep an eye on it as well.
This play may take a week or two before it happens. But when it does, it will be well worth the trade.